SVC Bank (SVC Co-operative Bank Ltd.), one of India's leading co-operative banks today announced the appointment of Mr. Ashish Singhal as its new Managing Director. Mr. Ashish Singhal will be responsible for leading the strategic direction as well as the growth journey of the Bank.
Mr. Ashish Singhal has more than two and half decades of experience largely in the financial sector across NBFC, Private & MNC Banks. He has worked with GE Capital TFS, Standard Chartered and ICICI Bank in various roles. He has a vast experience in Data, Analytics and Digital apart from Retail Distribution and Branch Banking across assets and liabilities. Prior to joining SVC Bank, Mr. Ashish Singhal was the Managing Director of Experian CIC in India. He has taken over from Mr. Ajit Venugopalan who has retired as the Managing Director on 31st August 2021.
On the occasion, Mr. Durgesh S. Chandavarkar, Chairman, SVC Bank, said, "On behalf of the Board, I express sincere gratitude to Mr. Ajit Venugopalan for the 32 years of hard work and commitment in making SVC Bank a strong force to reckon with. Under his leadership SVC Bank has surpassed many a milestones, in its journey to become a super brand. I wish Mr. Ajit Venugopalan a happy and healthy post-retirement life."
Speaking on the new appointment, Mr.Durgesh S. Chandavarkar added, "It is a pleasure to welcome Mr. Ashish Singhal into the SVC Bank family. I am confident that his diverse and rich experience will further bolster SVC Bank's impressive track record in making banking accessible to millions of Indians. Given the dynamic industry landscape, SVC Bank is fast evolving into a new-age phygital bank and Mr. Ashish Singhal will lead this transformation with his passionate teams at the Bank through innovation, expansion and customisation, going forward."
Speaking on the occasion, Mr. Ashish Singhal, Managing Director, SVC Bank, said, "I feel excited and proud to join SVC Bank team. Living up to the spirit of 'Hum Se Hai Possible', the Bank has made dreams of millions of Indians come true. The Bank has a rich legacy of 115 years and has stayed relevant by continuously transforming itself to meet the demands of the ever-evolving industry and customers. Banking industry is on the cusp of transforming itself and I look forward to strengthening the brand and franchise of SVC Bank by enhancing value creation for our customers, shareholders and employees."
Recently the Bank announced its fiscal 2020-2021 results. For the year ended 31st March 2021, SVC Bank registered a Net Profit of INR 150.21 crore as against INR 142.01 crore last year. Total business during the year grew to INR 29,659.53 crore as against INR 28,108.81 crore. During the same year, total advances grew to INR 12,327.98 crore as against INR 11,607.97 crore. Total deposits grew to INR 17,331.55 crore against INR 16,500.84 crore during the previous financial year. Despite challenging and extra-ordinary times, the Bank has maintained the net NPA at 1.81%, same as last year.