Suvarna Sahakari Bank
| Company type | Private urban co-operative bank |
|---|---|
| Industry | Banking |
| Founded | 22 September 1969 |
| Founder | Dnyaneshwar Agashe |
| Defunct | 20 May 2009 |
| Fate | Merged with the Indian Overseas Bank |
| Headquarters | , |
Number of locations | 12 (2009) |
Area served | |
Key people | |
| Revenue | (2002) |
Suvarna Sahakari Bank was an Indian private non-scheduled urban co-operative bank headquartered in Pune, Maharashtra, India, which operated from its incorporation on 22 September 1969 till its dissolution on 20 May 2009.
The bank rose to significant prominence in 2006, following a cricket administration voting scandal involving its founder Dnyaneshwar Agashe at the Board of Control for Cricket in India in 2004, which saw the bank fail between 2006 and 2008 amid allegations of scam against its board of directors; allegations which the media at the time speculated to be politically charged foul play against its board. The bank was finally dissolved and merged with the Indian Overseas Bank in 2009.
Founded to serve the banking needs of middle class Marathi people, the bank was initially known for its credit schemes in support of small-scale industries, which were supported by the Reserve Bank of India, and cited by B. R. Ambedkar in 1976 and by the Parliament of India in 1983. The bank's failure amidst an alleged scam case, along with its historical business administration practices, have been subsequently widely cited in academic research about the Indian banking sector.