Akola is a city in the Vidarbha region of the Indian state of Maharashtra. It is known for being one of the largest producers of cotton in the entire country and has hence received the nickname of the Cotton City. It is a striking road and rail junction near the Tapti River valley, which is also a commercial trading center chiefly for cotton. The city with roughly 5 lakh people, is governed by Akola Municipal Corporation. The city lies near the Tropic of Cancer and experiences a tropical humid climate and the residents are mostly found donning plain cotton clothes. Akola city is known for its many agricultural universities alongside veterinary colleges, engineering, medical and normal degree colleges. Cotton production and textile industry chiefly drive the economy of Akola. Akola has a very good grain market which contributes to the citys economy. The city has mills for pulses and oil. The IT sector is also growing at a fast pace. Standing on the banks of the Morna River, the city of Akola is rapidly developing.
The SVC Cooperative Bank Limited is a banking company incorporated and one of the oldest Urban Co-operative Bank in India built in 1906. It was established with the primary aim of helping the less fortunate members of the community under the ambit of its economic enterprises. It was also to encourage savings and to create funds for providing financial aid to deserving members.Mr. Rao Bahadur Shripad Subbarao Talmaki was the chief architect of theShamrao Vithal Co-op. Bank Ltd. Bank. The Bank was initially registered as a Co-operative Credit Society on 27 December 1906. In 1907, cumulative deposit scheme, fixed deposit scheme and saving bank deposit were introduced by the bank. The bank in opened first Co-operative store in 1910. In 1915, the first Co-operative housing society was built in Bombay. In 1927, the Fidelity Guarantee Fund was launched simultaneously with Distress Relief Fund in 1931 and Staff Gratuity Fund in 1954. In 1964, Safe Deposit Vaults were introduced by the bank. In Fiscal 2016, the deposits of the bank crossed 13000 crores. In 2002, the corporate office was opened by the bank at SVC Tower in Vakola. In 2003, Genius I Core banking solution was implemented in all the branches of SVC bank.