SMC Bank Set to Create Historic Revolution in the Cooperative Banking Sector

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MUMBAI, February 24, 2015: Plans Expansion as Part of Bank’s New Marketing and Rebranding Strategy. Sanmitra Co-operative Bank Ltd., Mumbai, an RBI licensed urban co-operative bank as per RBI License No. UBD,MUM(MAH)0039/P Dated : 23/06/2010, recently announced its rebranded name – SMC Bank. Under its rebranding strategy, SMC has plans to enter the business of merchant acquiring and is seeking the Visa and MasterCard principle membership to their network to be able to offer POS EDC machines and payment gateways.

The merchant acquiring industry is worth Rs. 2,50,000 crores approx. annually, which is around Rs. 21,000 crores monthly, while credit card processing volumes are growing at 30%-35% every year. Apart from these expansion plans, SMC bank currently offers 9% – 11.5% interest rate on fixed deposits and zero balance accounts without any account maintenance or hidden charges.

The bank is aggressively working on penetrating deposits to potentially grow its branch network to reach maximum clients with more ATMs. SMC will be soon launching its RuPay Debit Card and online banking.

With an aim to reach maximum individuals working in various sectors with different work timings, SMC Bank is willing to serve its clients 24x7x365 to ensure best customer service experience. “People nowadays work in various global industries and are not able to do their day-to-day banking because of their work timings. So our interest is to promote 24x7x365 in-branch banking and to help these people bank at their convenience,” said SMC Bank’s Chairman, Abhishek J.

To support our Hon’ble Prime Minister Mr Narendra Modi’s ‘Jandhan Yojna’, the bank offers zero balance accounts and will not charge any fees to its account holders towards operating their accounts.

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