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History of the Bank

REGISTRATION AND COMMENCEMENT OF OPERATIONS

Raichur District Central Cooperative Bank., Limited (popularly known as Raitaru Bank) was registered under the Co-operative Societies Act on 13th July 1956 however Bank has commenced its operations since 01.04.1919. The Bank was granted license on 15.12.2011 by Reserve Bank of India. Raichur District Central Cooperative Bank., Limited in Karnataka is a premier District Co-operative Banking Institution. The Bank has attained 100 years of service to the rural development without compromising the spirit of co-operative principles, while at the same time striving to assimilate and implement newer methods of technology, working culture and good governance, with a firm commitment to its objectives.

The area of operation of the bank is spread over both Raichur and Koppal Districts which includes 9 Taluka Branches,228 PACS out of which 217 borrowing PACS, Urban Banks & other credit cooperative societies.

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Our Objectives : The principal object of the Bank is to promote the interests of all its members to attain their social and economic betterment through self-help and mutual assistance in accordance with the Co-operative Principles. The main objects of the Bank is to engage in any one or more of the forms of business as stated from time to time by the regulatory bodies .

The principal object of the Bank is to promote the interests of all its members to attain their social and economic betterment through self-help and mutual assistance in accordance with the Co-operative Principles. The main objects of the Bank is to engage in any one or more of the forms of business as stated from time to time by the regulatory bodies

The bank engages to carry out the following forms of business as per banks byelaw :

1) To finance cooperative societies registered or deemed to have been registered under the KCS act 1959,and being a Central Cooperative Bank in the District act as a balancing entity.

2) To under take activities for the promotion of economic welfare of the members registered or deemed to have been registered under the KCS Act

3) Subject to the rules framed by the board to engage in any of the following forms of business namely:
(i) Accepting deposits from members as well as the public, repayable on demand or otherwise and withdrawal by cheque, draft, pay order or otherwise.
(ii) Providing loan facilities to members, associate members and nominal members such as affiliated PACS, Other credit socities, Employees Socities ,Milk Producers Societies and individual customers ;
(iii) Raising borrowings from higher financing authorities such as NABARD ,APEX Bank to cater to the needs of the farmers.
(iv) During surplus funds judiciously investing to gain maximum returns.
(v) Providing safe deposit lockers to the customers .
(vi) Acquiring and holding and generally dealing with any property or any right, title or interest in any such property which may form the security or part of the security for any loans and advances or which may be connected with any such security;
(vii) The acquisition of land/buildings, construction, maintenance and alteration of any land/ building or works necessary or convenient for the purpose of the Bank;
(viii) Opening Branches, Extension Counters and ATM centers or to have arrangement of ATMs of other Banks etc. as per the norms of the Reserve Bank of India.
(ix) To act as Insurance Agent as per norms of RBI and IRDA;
(x) Any other form of business which the Central Bank of India or the State Governments may specify as a form of business in which it is lawful for a banking institution to engage;
(xi) Doing all such other things as are incidental and conducive to the promotion or advancement of the business of the Bank such as ;
To engage in Credit/Debit cards;
To do merchant banking business;
To enter into participation, consortium arrangement with bank/s or financial institutions with objects of making loans and advances;

4) To arrange cooperative conference for PACS & other members and to encourage cooperative movement and development.

5) To conduct inspection and suspension of member societies and guide then in accusation of their business.

6) Maintain a Library.

7) To create funds for the growth of cooperation education, Training for its members/Employees.

8) To arrange for study tours to the board members and member societies and to encourage cooperative structure and development.

9) To extend loans under various schemes framed by NABARD Apex Bank or any other type of loans where subsides are provided.

10) To undertake liquidation work of affiliated societies indebted to the bank on the conditions laid down by the Registrar of Cooperative Societies.

11) Bank may under take publishing/advertising/for enhancing the business activity like deposits/recovery of loans and to conduct meetings/conference /debates to promote to such causes.

12) To do such other work as would be conducive or incidental to the above objects and will generally promote the cause of cooperation.

BRANCH EXPANSION : RDCC Bank presently has 26 branches - in the twin districts of Raichur and Koppal and bank has been already granted permission to open new branches at Shaktinagar, Hatti, Sriramnagar, Kanakgiri Potnal

AWARDS : NABARD has awarded the Bank for its best performance in forming the highest JLG’s in the year 2014

AUTOMATION :RDCC Bank provides: Core Banking Solutions(CBS),Bancassurance, RTGS/NEFT, RuPay ATM-cum-Debit Card facilities.
Bank will be shortly providing Mobile banking Services and Merchant Payment Service – for online fund transfers , payment of Electricity, Telephone Bills and booking flight, bus and hotel bookings.

CAPITAL ADEQUACY NORMS:The Capital to Risk Weighted Assets Ratio (CRAR) of the bank stood at 9.51% as on 31-3-2020(unaudited) as against a minimum stipulation of 9% prescribed by RBI.

VISION“RDCC BANK” works on the lines of trust and reliability to render the best services to the farmers in the rural areas and has the vision to include all the farmers with land holdings under the KCC fold.

TARGET FOR THE YEAR ENDING 31.03.2021 For the year ending with 31-3-2021, the Bank aims to achieve Rs. 4350 crore business and net NPAs to be maintained at "1%" level.

FUTURE PLANS : Bank intends to expand branch network to 35 from the present 26 by end of 2022.