The Bhagyodaya Co-operative Bank Limited

The Bhagyodaya Co-op. Bank Ltd. was established in 1972 in a small rented place near Kamnath Mahadev Raipur Ahmedabad. The bank was registered on 29-5-1972 having Reg. No. S-11789. The bank was shifted at H. K. House Ashram Road in a spacious building in 1975. The bank had granted loans to various parties and traders. But recovery of the loan was very poor. Moreover the bank was not successful in mobilising the deposits also. During this period total overdue of the bank was 99% and Reserve Bank of India issued a notice to the bank for closure of bank due to its heavy overdue. The bank was placed under the category of weak bank. The management was not in a position to improve the functioning of the bank and also to recover the overdue advances. Hence it was decided to handover the bank to other prominent management. The big traders of Madhavpura decided to take the administration of this bank under their control. They entered into MOU with present bank's board and took over the charge of the bank. The efficient and capable merchants of Madhavpura started to contact the borrowers for loan amount and also they have managed for the deposits from different traders of the market. The new board of the bank worked sincerely for the speedy and sound progress of the bank. They contacted the prospective depositors and also borrowers for sound banking activities. Moreover the board members also convinced the registrar of the Co-op. Society and Reserve Bank of India that the bank will be out of weak category within short period and they made it true that the bank was out of this category only within six months from taking over the management. The board has put in to practice the action plan and also the strategy for speedy progress of the bank. The able directors and also the banking staff tried their best to put the bank on sound position. Since 1976 the bank is enjoying good reputation in the city and also has made tremendous progress in mobilising the deposits and also to have profit. All the merchants and brokers of the Nava and Old Madhavpura markets have adopted the bank as their own bank and dealing with the bank for absolute work of the business. The merchant community of the area had given a very good reputation to this bank and with the help of such people the bank has gained better future in banking activities. Shri Vrajlal J. Patel visionary Chairman and Shri Natvarlal R. Patel able Managing Director plus Shri Rameshbhai P. Gandhi Sureshbhai A. Shah Bhikhabhai G. Patel Joitaram S. Patel Ravindrabhai G. Gandhi contributed to the greater extent for sound and systematical development of the bank. The bank became financially very sound under the proper supervision and guidance of prestigious board. The untimely demise of the visionary Chairman Shri Vrajlal J. Patel Shri Natvarlal R. Patel took over the rains of the bank and bank has gained all types of progress under his leadership.