Kakinada, a city in the Indian state of Andhra Pradesh, was formerly known as Cocanada. It is one of the largest cities in AP and serves as the district headquarters of the East Godavari district. It was initially known as Kakinandivada village, which was eventually a Dutch settlement. They used export sarees that were called coca or koka in Telugu. Hence, the place was named Cocanada. The name was finally changed to Kakinada after Independence. This city is one of the fastest growing cities in Andhra Pradesh and is currently being developed into a smart city as per PM Narendra Modis smart Cities Mission. Kakinada Port has a natural harbor at Hope Island, which contains two ports - an anchorage port and a deep-water port. The economy of Kakinada primarily depends upon agriculture, fishing and industrial sectors. Paddy and coconut are heavily cultivated in the city. The industrial sector covers the manufacture of refined edible oil, fertilizers and natural gas. The local economy is additionally supported by its textile industry and manufacture of auto parts, steel-related ancillary units and fishing. Kakinada is globally famous for its sweet called kaaja. This Tier-II city got its first IT Park in 2007 and many software companies have opened offices in the city, providing job opportunities to the local youths.
The SVC 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. In 2006, the SVC bank successfully sold the software. In 2007, AD-I license was offered to the Shamrao Vithal Co-operative bank. The SVC bank was also allowed to sell the core banking software services to small co-operative banks. By 2010, the bank sold software services to around 25 other banks. The 193rd branch of the SVC bank was opened at Khmagaon. The Bank is present in 10 States of India. Maharashtra, Karnataka, Tamil Nadu, Telangana, Delhi, Rajasthan, Haryana, Goa, Gujarat and Madhya Pradesh