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SHCIL plans tie-up with co-op banks

Our Bureau

PUNE, Nov. 20

STOCK Holding Corporation of India (SHCIL), the depository participant, will enter into strategic tie-ups and partnerships with co-operative banks across the country to straddle the business.

The corporation was also test-marketing a number of new, innovative products in the business in select markets and would launch them in the near future to ensure leadership position, the Managing Director and Chief Executive Officer, Mr B.V. Goud, said t oday.

Mr Goud announced the corporation's tie-up with the Rupee Co-operative bank to offer demat services and inaugurated its second office in the city. ``We have also tied up with the Samarth Sahakari bank in Solapur and are in the process of negotiations wit h a large number of such banks across Maharashtra'', he said.

``With an investor base of over six lakhs and value-added services such as loan against demat shares, mutual fund and relief bond distribution, we are strategically placed to meet the growing needs of the investor community'', he said.

SHCIL's tie-up with Rupee Co-operative bank meant demat and other value-added services would be available to its customers across 35 its branches, the bank Chairman, Mr G.H. Deo, said. ``The services will initially be kicked off from 8 branches, includin g the rural branches at Baramati, Nashik, Nagpur and Aurangabad, but we propose to provide the services to all customers by accepting their applications through these branches'', he said.

The Rupee Co-operative bank, with a customer base of 12 lakhs, had more than Rs 1,900 crore in deposits and had disbursed over Rs 1,200 crore in loans and advances. The bank was working at connecting all its branches and proposed to commence `anywhere ba nking' in the next 18 months, Mr Deo said.

Mr Goud said the corporation's turnover had gone up from Rs 14,000 crore in 1997 to over Rs 100,000 crore in 1999-2000 and the assets from Rs 80,000 crore to over Rs 1,80,000 crore. ``We have made this progress by transforming the organisation from a mo nopolistic one focusing on wholesale business to one which balances wholesaling with retailing'', he said.