History of

OUR SOCIETY

Our Society in the name of State Bank of India Staff Co-operative Society Limited No.X-342 was formed in the year 1955 and got registered under Madras Central Co- operative Society Act soon after Imperial Bank of India became State Bank of India on 1st July 1955. The first meeting of the Board of Directors of State Bank of India Staff Co-operative Society Limited, No.X-342 was convened on 23rd July 1955 with 11 Directors in the Board. Shri P.S.Chengalvarayan was unanimously elected as President of the Board and Shri C.V.Subba Rao was elected as Vice President and Shri K.Sitaram as Secretary. The Society granted loans to 27 Members in September 1955 and the first applicant who received Rs.300/- was Shri D.Ganesan and the Society disbursed a total amount of Rs.14,830/- after its formation at the budding stage itself.

The Society borrowed funds from Madras District Co-operative Central Bank Limited to meet the loan amount.

At the time of its inception the total number of Shareholders was only 92 and the total number of Shares held in the Society was 205. The Share Capital was just Rs.2,050/-. Maximum amount of loan we had disbursed to our members was Rs.1000/- and very few persons received the full amount of Rs.1,000/-. The First General Body Meeting was held on 16th June 1956 and for the first time some provisions of the Bye- law of our Society were amended. In the year 1966 an Extraordinary General Body Meeting was convened to register our Society as State Bank of India Staff Co-operative Bank Limited No.X-342 in response to the Registrar’s Circular and also in the accordance with RBI direction.

Slowly and steadily our Membership grew and the loan amount to our shareholders was also enhanced. The loan recovery was collected from the members in 25 equal instalments. In the year 1968 the Board of Directors in their meeting decided to convert the State Bank of India Staff Co-operative Society Limited.

During the year 1970-71 Shri T.E.Balasubramaniam became the President of our Society and he continued in that position till 1993. He entered the Society as Director and he was in the Board continuously for 30 years. It is not an exaggeration to say that he is an incubator of many innovative schemes. During his tenure as President he had introduced many new Welfare Schemes to the Members. In 1979 he introduced a scheme called “Surety Relief Fund” by which hundreds of Members and their Families were benefited.

In the year 1980 our Society celebrated its ‘SILVER JUBILEE’ in a grand manner at the Premises of the then Local Head Office. His excellency Shri Prabhudas Patwari, Governor of Tamil Nadu was the Chief Guest and spoke about our Co-operative movement. It was a fantastic show and a large number of Members participated in the function and made it a grand success. In the 1990 Election for the Board of Directors, Shri V.R.Udaya Shankar was elected as one of the Directors and became the unanimous choice for Vice-President of our Society.

In the Special General Body Meeting held on 22nd October 1994 a resolution was passed regarding amalgamation of State Bank of India Staff Co-operative Society No.K1593, Coimbatore (Regd.) with our Society under. The Management of Coimbatore Society was taken over by our Society in the year 1997 (01.07.1997) after the approval from the Tamilnadu Government.

Our Society which was under Tamilnadu State Co-operative Societies Act came under Multi State Co-operative Societies Act, 1984 and Rules framed thereunder from 1986 onwards because of the membership which spread to various States.

In the year 1993, Shri T.E.Balasubramaniam, President of our Society. Who had been holding the post of Director and President for 3 decades, laid down his Office as President of our Society due to his Retirement from Bank’s Service. The Board hailed and applauded the yeomen services rendered by Shri T.E.Balasubramaniam to the Membership. During his tenure he introduced Computerisation in the Society for accounting procedure. On 30th September 1993, after the retirement of Shri T.E.Balasubramaniam, Shri V.R.Udaya Shankar became the President and Shri K.Sankaran became the Vice President of the Society. In the year 1996 our Society was classified as “A” Class Society by the Co-operative Audit Department. The loan amount was enhanced to Rs.50,000/- with 11% interest. In the year 1999 Shri K.Sankaran became the President of our Society and he held the position for one term i.e. up to September 2002. In the year 2000 the Chennai Central Co-operative Bank has selected our Society as the “Best Run Society”.

Our Society celebrated Co-operative week for four times. In that Hon’ble Minister participated and our Society distributed Clothes, Tricycles, Sewing Machines to the poor and needy people.

In the 43rd General Body Meeting an amendment to Bye-law No.44 was passed regarding enhancement of loan from 50,000/- to 65,000/- and in the year 2001 it was again enhanced to Rs.1,10,000/- including Emergency Loan of Rs.10,000/-. When lot of representations came from our Shareholders to enhance to loan amount, once again we have amended the Bye-Law so as to increase the quantum of loan amount to Rs.1,20,000/-. This came into effect from 10th January 2005.

When Shri V.R.Udaya Shankar became the General Secretary of State Banks’ Staff Union (Chennai Circle) he relinquished his post as President and Shri P.V.Inbasekaran became the President of the Society in May 2004.

Com.P.V.Inbasekaran was the President from 2004 to 2007. In his period, our Society celebrated the 50th Year Diamond Jubilee in a grand manner. Then Com. M.R.Varadarajan was a President from 2007 to 2012 and he contributed for the development of Society in an excellent manner. From 2012 to 2017 Com.S.Rajendran was a President, during his period, on 12th July 2014 our State Bank of India Main Branch was affected by a major fire accident. Our Society office was also affected, within a 6 months of period he rectified and our Society was shifted to new premises. Com.S.Michael Raj was a President from 2017 to 2022. In his tenure, the Main Loan was increased from 3 Lakhs to 5 Lakhs.

Now, Com.N.Emmanuel Elaventhan has taken a charge as a President of the Society from 2022. In his period, the Retirement Award Certificate issued along with the Retirement Award of Rs.7500/- is given to the members those who have the continuous membership of more than 15 years in our Society. Further, the Medium Term Loan for 24 months of instalment with a maximum limit of Rs.1 Lakh was introduced. We extended our whole-hearted thanks to our State Banks’ Staff Union (Chennai Circle) General Secretary Com.G.Kripakaran and President Com. V.Sridharan for their excellent and enormous support for the growth of our Society. As this year we are entering into 70th year we are very thankful to all for your splendid support to the growth of our Society.

SBI Staff Co-Operative Society, No.X-342

LEADERSHIP

NAME - SARVASHRI YEAR
P.S. CHENGALVARAYAN 1955-NA
T.E. BALASUBRAMANIAN 1970-1993
V.R. UDAYASHANKAR 1993-1999
K. SANKARAN 1999-2002
V.R. UDAYASHANKAR 2002-2004
P.V. INBASEKARAN 2004-2007
M.R. VARADARAJAN 2007-2012
S. RAJENDRAN 2012-2017
S. MICHAEL RAJ 2017-2022
N. EMMANUEL ELAVENTHAN 2022-Present 
Our Society

EMBLEM

The logo embodies a powerful symbol of unity and collaboration, designed to reflect the core values of the organization. At its center, two stylized blue hands are depicted, gracefully cradling a blue circle. Within this blue circle lies a smaller orange and yellow circle, creating a focal point that draws the eye inward. Inside the circle, two hands are shown clasped in a handshake, symbolizing the mutual respect, trust, and understanding that define the relationships among the organization’s members.

The handshake is more than just a gesture; it represents a deep commitment to cooperation and the collective success of all involved. This symbol reinforces the idea that through mutual support and collaboration, the members can achieve far more together than they could individually.

Beneath the central image, a blue ribbon unfurls, bearing the words "ALL FOR EACH & EACH FOR ALL." This motto encapsulates the spirit of solidarity and shared responsibility that the organization strives to embody. It emphasizes the importance of collective effort, where every member's well-being is interconnected, and success is measured by the ability to support and uplift one another.

Overall, the logo is a visual representation of the organization’s dedication to fostering a cooperative environment, where every member’s contributions are valued, and mutual respect is the foundation of all interactions. It serves as a reminder that the strength of the organization lies in its unity and the unwavering commitment of its members to work together for the common good.

State Bank India Staff Co-Operative Society Chennai

The logo embodies a powerful symbol of unity and collaboration, designed to reflect the core values of the organization. At its center, two stylized blue hands are depicted, gracefully cradling a blue circle. Within this blue circle lies a smaller orange and yellow circle, creating a focal point that draws the eye inward. Inside the circle, two hands are shown clasped in a handshake, symbolizing the mutual respect, trust, and understanding that define the relationships among the organization’s members.

The handshake is more than just a gesture; it represents a deep commitment to cooperation and the collective success of all involved. This symbol reinforces the idea that through mutual support and collaboration, the members can achieve far more together than they could individually.

Beneath the central image, a blue ribbon unfurls, bearing the words "ALL FOR EACH & EACH FOR ALL." This motto encapsulates the spirit of solidarity and shared responsibility that the organization strives to embody. It emphasizes the importance of collective effort, where every member's well-being is interconnected, and success is measured by the ability to support and uplift one another.

Overall, the logo is a visual representation of the organization’s dedication to fostering a cooperative environment, where every member’s contributions are valued, and mutual respect is the foundation of all interactions. It serves as a reminder that the strength of the organization lies in its unity and the unwavering commitment of its members to work together for the common good.