SUCO Bank started in a taluk center of Raichur district; Sindhanur in 1995 as Sindhanur Urban Co-operative Bank under the leadership of Mr. Soon the Bank became popular as SUCO Bank, hence Bank changed its registered name itself to SUCO Bank. The team of SUCO Bank draws the inspiration to start the Bank from the success of Janatha Bazar, Sindhanur. SUCO Bank started in computerized and air conditi
oned environment from day one. Today it may be a common phenomenon in Banking sector but in 1995 it was a drastic step from Team SUCO Bank. In 2001 SUCO Bank became the first Co-operative institution to be registered under SouhardaSahakari Act. Some of the firsts of SUCO Bank:
•First ISO certified Bank in India for whole operation.
•First Bank in Karnataka’s cooperative sector to implement CBS.
•All-are-officers concept introduced for the first time in Karnataka.
•First Bank to introduce PA (performance Allowance) in cooperative sector.
•First cooperative Bank that banned the credit facility to its directors and their relatives in India, since the Bank’s initiation ( now same came as direction from RBI)
•First cooperative bank to ban employment opportunity to its director’s relatives.
•First cooperative Bank to connect to National ATM network (NFS) through its ATM network.
•First cooperative Bank in Karnataka to introduce DBT, Direct Benefit Transfer from the government, like LPG Subsidy
•First cooperative Bank to launch DEBIT CARD
First cooperative Bank Live on IMPS. Mobile based IMMEDIATE PAYMENT SYSTEM.
•First cooperative Bank live in NATIONAL ECS scheme.
