Repco Bank Ltd
Chairman/MD/CEO : Dr. P. Senthil Kumar, I.A.S.
Head Office : Repco Towers, 33, North Usman Road, T.Nagar, Chennai 600017
- Sub Industry : Cooperative Bank
- Sector : Services
- Type : Govt
Overview- Repco Bank LtdRepatriates Cooperative Finance and Development Bank Ltd., (REPCO BANK) was registered on 19.11.1969 as a Cooperative Society under the relevant provisions of Madras Cooperative Societies Act, 1961 with Jurisdiction over the State of Tamilnadu, Andhra Pradesh, Karnataka, Kerala and Union Territory of Puducherry for the purpose of promoting the rehabilitation activities for repatriates from neighbouring countries mainly from Sri Lanka and Burma. Though originally registered under the Madras Cooperative Societies Act, 1961, the Bank is deemed to be registered under the Multi State Cooperative Societies Act, 2002.
The Bank is under the administrative control of FFR Division, Ministry of Home Affairs, Govt. of India. Constitutionally, the Bank is a Multi State Cooperative Society. The Bank was promoted by Government of India, Ministry of Home Affairs in association with the State Governments of Tamil Nadu, Kerala, Karnataka and Andhra Pradesh. The Society’s rules and regulations are governed by its byelaws. On the recommendation of Govt. of India, the Reserve Bank of India under section 7(1) of Banking Regulation Act, 1949 permitted this Institution to use the word “BANK” by Notification S.O. 626 dated 19.01.1972. In terms of the byelaws, as the share of the Government is more than 51%, the Board of Directors are appointed by the Govt. of India.
The share capital of the Bank is controlled by Government of India, Governments of 4 Southern States namely Tamil Nadu, Kerala, Karnataka, Andhra Pradesh and Repatriates.