Money & Banking

Published: Dec 29, 2021
Updated: Dec 29, 2021

Boosting gig sector is need of the hour

A veritable legend in the South Kanara and Udupi regions, Dr Rajendra Kumar has been a shining figure in the co-operative movement by uplifting the economic status of the poorer classes and farmers through a slew of enabling measures. As a director of the South Canara District Central Co-operative Bank since 1987 and its president for more than a quarter-century since 1994, Dr Kumar has lifted the century-old institution to new heights at par with the best Indian or foreign private or public banks. Under his watch, the SCDCC Bank has evolved to offer the full range of financial offerings, including a variety of loans and online services.

Behind every great man there’s a great woman. That old and well-known adage, used so often in the past for eminent historical personalities, can well be repurposed to describe the symbiotic relationship between a great banking institution and the rare person behind its success and reputation. The institution that we speak of stands out even in a region that has given India some of its best banks – South Kanara in Karnataka. Having given the country four household names in the form of Canara Bank, Corporation Bank, Vijaya Bank and Syndicate Bank (all of which were later nationalised), South Kanara can also thump its chest with pride over the century-old South Canara District Central Co-operative Bank.

‘SCDCC’, to use its short moniker, has not let its hoary age prevent it from being a trail-blazer in modern banking facilities and practices. And the rare human catalyst behind its sky-high reputation is the bank’s President Dr MN Rajendra Kumar, who has helmed ‘SCDCC’ for the past 26 years. A child of the co-operative movement and a staunch adherent of co-operative tenets, Dr Kumar has in his 45 years as a banker steered several co-operative institutions and organisations to the pinnacle of success.

Dr M N Rajendra Kumar - President

Synonym for Co-operation

Born two years after India’s independence, Dr Kumar joined the co-operative movement in the small-time seventies scene in Karnataka as a grassroots worker. Thanks to his dedication, perseverance and hard work he rose from holding office in a rural co-op society to taluk and district-level and institutions. His journey has been constantly upwards – from the grassroots to heading the Karnataka State Co-operative Apex Bank as its President for five years. What is more, for over last three decades he has held top positions (chairman/ promoter/director) in several prestigious co-operative institutions. These include:

• Director of South Canara District Central Co-Op Bank, Mangalore since 1987, and its President since 1994.
• President, Karnataka State Co-op Marketing Federation Ltd, Bengaluru.
• Director, Indian Farmers Fertilizer Co-operative Limited, New Delhi.
• Director, Karnataka State Co-op. Apex Bank, Bengaluru since 1999 and President from April 15, 2005 to March 31, 2010.
• Managing Trustee, Navodaya Grama Vikasa Charitable Trust (R), Mangalore.

His pro-active stewardship of these co-operative institutions has given a huge boost to the co-operative culture in the region. Presiding over SCDCC Bank for the last 26 years, Dr Kumar has blazed a trail of excellence and has been instrumental in the bank’s going from strength to strength. As a farsighted and visionary of the Karnataka State Co-Operative Marketing Federation, he devised several imaginative plans and schemes with far-reaching significance which contributed immensely to the economic uplift of farmers, rural women and other weaker sections of society.

During the last three decades since he joined the bank as a director and as its president for the last 26 years, he has taken the bank from literally nowhere to great heights. The figures speak for themselves. In 1987, the outstanding loans were around Rs 46 crore and the profit was just Rs 42 lakh. The bank had 25 branches. Thanks to Dr Kumar’s determined efforts, the bank’s branches have soared from 25 to 105 as of March 31, 2020. Total deposits have crossed the Rs 4,000-crore mark, and the bank has disbursed loans worth Rs 4,260.34 crore and earned a profit of Rs 30.30 crore. The total turnover of the bank has reached Rs 8,466.80 crore.

REFORMER, MODERNISER

Dr Kumar strongly believes in moving with the times. He has been instrumental in bringing several reforms in the functioning of the bank to suit the times and has incorporated modern facilities and features, including a 12-hour service day at the Kodialbail branch. Under his stewardship, the SCDCC Bank has emerged as the first co-op bank in south India to have its own 24X7 ATM service in the Kodialbail branch at Mangaluru and the Udupi branches. With a view to helping farmers, rural women and weaker sections of society, he introduced facilities like farm loans at low interest rates, higher rate of interest for deposits by senior citizens, an insurance facility for depositors and safe deposit locker facilities.

Going ahead, Dr. Kumar brought modern technology to the co-operative sector in south Kanara. Little wonder that today all branches of SCDCC Bank are equipped with modern technologies – including single-window, anywhere banking, RTGS and NEFT. The bank is the first co-op bank not only in Karnataka but in the entire country to provide a Kisan Rupay Card for farmers and a Rupee Debit Card for all customers. Again, it was the first bank to introduce mobile banking and a ‘bank on wheels’ facility. Thus, it can be said without the least hesitation that Dr Kumar has literally ushered in a revolution in the co-operative banking space in India.

This eminent banker’s touch can be seen in the modern, forward-looking profile of South Canara District Central Co-operative Bank and the many firsts it has notched up in the co-operative banking space.

ON PAR WITH THE BEST

Headquartered in Mangaluru, the bank has not only made rapid strides in its reach and performance but has also blazed a new trail in its sector by incorporating modern features which one would normally identify only with top global banks. ‘SCDCC’ provides a wide spectrum of financial services, including savings accounts, current accounts, deposits, safe deposit lockers, personal loans, home/car loans, two-wheeler loans, educational loans, debit/credit cards, prepaid cards, demat accounts, insurances, forex and premier banking. On the digital front too, the bank’s portal allows customers to pay bills, make credit card payments, transfer funds, access net banking and much more.

Since 1994, when he was elected for the first time as President of the bank, Dr Kumar has strived to change the face, size and stature of the bank on several fronts.

START OF SAGA

SCDCC Bank was set up by three stalwarts of the co-operative movement in South Kanara, viz., Karnad Sadashiva Rao, Mohanalli Shiva Rao and Buntwal Narayan Nayak, inspired by the visit of Mahatma Gandhi to the region in 1914. With the passage of time, this small co-operative bank made rapid strides and has today grown into a veritable banyan tree with 105 branches, and earning a great name not only in South Kanara but throughout the country.

TRUE TO ROOTS

But despite its modern avatar, the bank has kept rural India at the heart of its business. It has given top priority to the agriculture sector right from its inception by taking into consideration the various credit needs of farmers. The bank management is striving hard to provide timely and adequate finance through primary agricultural societies at the ground level. Going ahead, the bank will make maximum efforts for the effective implementation of the weather-based crop insurance scheme and the Pradhan Mantri Fasal Bima Yojana. "For the first time in the history of co-operative sector banking in India, our bank in association with NABARD (Bengaluru) has launched Rupay Kisan Card and Rupay Debit Card as early as February 2014," says Mr. Ravindra B, CEO, with justifiable pride.

The figures speak for themselves. As of March 31, 2020, the bank has mobilised Rs. 4,205.97 crore of deposits and has Rs. 4,260.34 crore loan outstandings. The bank advances loans for various purposes like vehicle purchase, housing, consumer durables and education, allows pledging of jewellery, and offers loans at a lower interest compared to other banks.

The bank also takes active part in government-sponsored schemes such as the SGSY Swarojgar Credit Card Scheme. The bank been active in promoting and financing self-help groups and has promoted 34,271 self-help groups under the supervision of the Navodaya Grama Vikasa Charitable Trust. The bank's SHG group has 242,000 members with Rs 104 crore in savings and Rs 165 crore in loans. Little wonder then that acute observers of the banking scene have dubbed it the 'Co-operative Bank of the 21st Century'.