Established at Surat on 03/08/1994, Prime Co-Operative Bank has cast a totally different track in Banking within a span of 26 years. In a number of ways, Prime Bank has proved to be a trendsetter for the Banking Industry, particularly the Co-Op. Banks in our country. The Bank started earning commendable name with audit grade 'A' from the 1 st date of operation.
Popularly known as High-Tech Bank or often called the Banking supermarket of south Gujarat, the Bank built a concrete foundation on business parameters & kept on adding more & more social services in the entire area of operation with sincerity & honesty of the staff.
The Bank laid excessive emphasis on high-tech electronic services. Prime Bank is the only Bank, which publishes its financial results of 31st March-end every year on the 1st April, the very next day since inception of the bank. This is considered unique, the highest mark of efficiency based on electronic operations.
Business crosses 2760 crore
IVR (phone banking) started
Business cross Rs,2000 Crore
UPI services started
Board of management constituted.
Inaugurate own sports room at the worthy hands of founder chairman.
Decision Taken to convert into small finance bank.
Debut to Founder chairman Inaugration of statue of founder chairman.
Shree Gokul Bakshi Awarded as "Legend Of Surat".
Start Micro finance to people below the poverty line without any collateral security, guaranteers and margin money.
Started to provide health insurance product.
Total business cross rupees 1500 Crores and deposit crossed rupees 1000 crores.
Solar System Installed At Prime House.
Shree Vijay Parekh, E.D. , Awarded Best CEO by Banking Frontier.
Mr.Anand Bakshi got award as best youth chairman
Bank Shifted in its own Premises.
Shri Gokul Bakshi got awarded as best chairman among Urban Co-operative. Banks all over India from Banking Frontier.
Own Training Centre at City Light Branch New Premises.
1st Rank - Best Bank among Urban Co-operatives all over in Gujarat awarded by Gujarat Rajya Sahakari Sangh. Rupay Card Facility through Sarvatra Tie-up with ICICI Bank.
Merger of Bayad Nagarik Sahakari Bank Ltd., Bayad, Dist. Aravali.
Implementation of Disaster Recovery Site, Bardoli Branch. Launchig of ATM Card.
5th merger – The Mercantile Co-op. Bank Ltd., Godhra merged with the bank with two branches on 9-07-2011.
Implementation of 100% Core Banking Solutions.
Tie-up with Paul Merchants for foreign inward remittance facility through Western Union Money Transfer. Two branches opened on 1.06.2009 – one at Bodeli Dist. Vadodra and another one at Vyara Dist. Tapi Fourth merger took place on 22.09.09. Sanand Urban Co-op. Bank Ltd., Sanand taken into merger.
Prime Bank has received Category-2 License to carry out Foreign Exchange Business Prime Bank had done Hattrick in Merger of weak Banks :
Prime Bank has done a remarkable job as Adajan Nagrik Co-Op. Bank's merger with Prime Co-operative Bank, placing its management on it, which has increased area of its working in Surat city. Prime Bank has started business of Mutual Funds on a referral basis. Bank has tied with Principal PNB Mutual Fund, UTI, Benchmark, ICICI Prudential, Reliance, SBI, Lotus, Birla, Kotak, Sundaram ETC.
Prime Bank has done a remarkable job as Baroda District Industrial Co-operative Bank's merger with Prime Co-operative Bank, placing its management on its 7 branches, which has increased area of its working upto Chotta Udaipur in Gujarat just 72 km away from the MP border. Prime started the process of Franking on 21st Nov. at Surat & Baroda, where customers can bring in their blank papers and convert them to a stamp paper without paying additional fees.
Prime Bank joined its hands with Worlds Number 5 ranked Insurance Provider named AVIVA Insurance, providing Life Insurance and with IFFCO-TOKIO for providing Marine Insurance and General Insurance to its customers.
Introduced Schemes like Loan for Gold in partnership with Indus Ind Bank. Also opened a Bill Collection Centre at its Bharuch Branch for collecting Gas Bills of Gujarat Gas Co. Ltd. To make payment system quicker RBI has launched RTGS scheme for scheduled bank, Prime has joined hands with Kalupur Commercial Bank to help its customers to have the advantages of RTGS.
Prime Bank Completed its 10th anniversary, and introduced schemes like Prime Sarasvatee, Prime Health Card and Prime Citizen for its valued customers.
Bank started with opening of a new millennium branch at navsari millennium branch in feb. 2000 first bank in south Gujarat to open its outcity branch. Bank opened another outstation branch at Bharuch in sep-2000, starting to open D-MAT a/c in November 2000.
Bank has taken permission from RBI to accept the NRI deposits. Introducing “smart cash” –a smart alternative of cash named as “prime purse”. It was useful at 143 places in the entire Surat area and response encouraging received from valuable class of people of Surat.
Branch Expansion had continued during the year and 3rd branch was opened in June 98 at M.G.Road, 4th branch was opened in oct-98 at new sardar market & 5th branch was opened in Dec98 at -Bhatar Char Rasta.
1997 Branch Expansion Strategy initiated and bank started its first branch Bhulka Bhavan Branch at Adajan in August 1997 within the very next Month i.e. Sept.97 bank had started another Branch at Katargam GIDC.
“Customer is a king” approach initiated concept of information technology were used like TELE Banking/Remote Banking with the advent of computerized operations. Off time banking concept were introduced i.e. evening 6:00 p.m. to 8:00 p.m. were provided for bank’s retail customer to reduce their Cash risk and continue as on date.
Product development strategy initiated. Bank started financing small scale industries as recommended by RBI from Goiporia Committee and Narsimha committee.
Bank was incorporated under the chairmanship of Mr. Gokul Bakshi. Bank commenced business from a rented location. Retail banking was the initial activity of the bank. Focus of strategy was stability, market penetration, resources build up and steady growth.