State Bank of India( Bhopal Circle), Karmchari Sahakari Sakh Samiti Maryadit


State Bank of India ( Bhopal Circle), Karmchari Sahakari Sakh Samiti Maryadit ,Bhopal , A Multi-State Co-operative Society,( Regd.No. MSCS /CR /133 / 2001 ) C/o : State Bank of India, Local Head Office, Hoshangabad Road, Bhopal - 462011

About Us


S. B. I. Karmchari Sahakari  Sakh  Samiti  Maryadit, Bhopal  was  registered  in 1976 under M.P.  Co-operative  Society  act 1960, there after  with  the  formation  of Chattisgarh State it attained the status of Multi-State Cooperative Society in 2001. The membership of Society consisting of serving employees of State Bank of India rose from a meager 18 members on inception to 9260 members in the year 2019 and has the authorized share capital of Rs. 15 crore comprising of 60 lakhs share of Rs.25/-  each.

The basic object of the Society was to promote self reliance and cooperation amongst its members and to ensure them economic and social uplift with the intention of promoting habit of saving. It is a non-profit making organization and the activities are realized through the personal efforts and dedication of its members, thus making it an organization completely working towards the social cause. The society has successfully arranged loan at suitable rate of interest according to the need of its members . In addition, it is providing retirement benefit to its members along with scholarship to their wards to encourage them in their education. The Society has got its own Guest House at a very prime location in Bhopal which is provided to its members at nominal charges.

The Society is functioning with the motto of trust, awareness and progress. It is managed by a strong and trustworthy 13 Board of Directors and staff of nearly 16 members. The society is marching smoothly towards its aim with disbursing dividend every year and providing efficient and timely service to all its members


Name, Address & Area of operation

The name of the Society shall be State Bank of India ( Bhopal Circle) Karmchari Sahakari Sakh Samiti Maryadit. The Registered Office of the Society shall be at State Bank of India, Local Head Office, Hoshangabad  Road, Bhopal - 462 011, Madhya  Pradesh. The  area of operation  of the Society  shall be the States  of Madhya  Pradesh and Chhatisgarh.


The object of the Society is to ensure the economic and social progression of its members by promoting austerity, self-reliance and co-operation amongst them. To this end, the Society shall undertake the following:

(a) To promote the habit of 'savings' amongst members.

(b) To invest the amounts collected from members in a safe and prudent manner.

(c) To arrange, according to the need of the members, for loan at suitable rate of interest.

(d) To act as agent to take and repay loan from Government, Co-operative Bank, State Bank of India, Reserve Bank of India or any other Financial Institution.

(e) To prepare and implement schemes and programmes for the welfare and economic betterment of members and their families.

(f) To open stores, if need be, with branches, for sale of groceries, consumer goods and other daily use items, stationery, general goods, etc. on whole-sale or retail basis.

(g) To arrange for printing and publishing of books and periodicals and also for education and training for knowledge and guidance of members and their families.

(h) To accept/give donations for social, cultural and charitable cause/purposes.

(i) Any other thing which is incidental to and connected with the attainment of the above objects.

Position  as  on    ---        31.03.2019

Declared Dividend for Year 2018-19 @ 10%                1,40,47,698/-
Loan to members                                                        76,14,81,289/-
Reserve and Surplus                                                  31,55,31,755/-
Investments                                                                  6,61,57,724/-


1. Permanent employees of the State Bank of India's Bhopal Circle  alone can become the members of  the Society. In the event of cessation of service or on transfer out of Bhopal Circle, a member may continue to be so, but the power to continue his/her membership shall vest with the Managing Committee of the Society. If need be, the Society may allow any person or institution to become a member for name sake only. The rights of such members shall be as envisaged in the Act.

2. The discretion and power to grant membership shall vest with the Managing Committee.

3. Persons seeking membership shall apply on the prescribed application form, deposit share capital as per bye-laws No.14 and also submit a letter of authority as per bye-laws No.8 (a). Along with the application, a sum of Rs.5/- as Entrance Fee and value of at least one share of  the Society as defined in bye-laws No.13 should be deposited. In case the application is rejected, Entrance Fee and Share Money will be returned to the applicant, but cost of application is not refundable. Applicants, who are eligible for membership as per these bye-laws shall be treated as members from the date of their admission.

4. Every member shall nominate his/her successor so that in the event of his death amount(s) if any to his credit can be passed on to such nominee. Such nomination and any subsequent change therein shall be witnessed by two colleagues.

4(a) Every member shall give an irrevocable letter of authority to  salary disbursing authority, authorising him to deduct and remit to the Society every month the amount(s) due to the Society.

4 (b) Every member shall abide by the Society's bye-laws as amended by its General Body from time to time.

5. A member can withdraw with due approval of the Managing Committee, his membership by giving three months' notice, provided he had been a member of the Society for a minimum period of one year and he is not indebted to the Society either as a borrower or as a guarantor.

6. A member may be removed from the membership of the Society by a resolution passed by a majority of not less than two-third of the members present and voting at the General Body meeting of the Society for any one or more of the reasons stated below :-

(a) He is not regular in paying the loan installments or is habitual to non-fulfillment of his responsibilities towards the Society.

(b) He has cheated the Society by giving false statement(s).

(c) He has become insolvent/moved an application to declare himself insolvent or unfit to execute a contract in the eyes of law.

(d) He has been convicted for a criminal offence/an offence involving moral turpitude.

(e) He has deliberately committed acts affecting or likely to affect the image and prestige of the Society.

Provided he has been given a reasonable opportunity of making representation in the matter.

A member so removed shall be eligible for readmission only after expiry of a period of one year from the date of removal. Such readmission shall also be done by a resolution passed by a majority of not less than two-third of the members present and voting at the General Body meeting of the Society.


7. Membership shall Stand Terminated under the following Circumstances:

(a) Death of a member

(b) Non-holding of minimum one share.

(c) Ineligibility as per bye-laws No 4.

(d) Acceptance of resignation under bye-laws No.9

(e) Removal in terms of bye-laws No.10


8. (a) The liability of the members towards the loans or deposits taken by the Society shall be limited to the extent of the paid up value of their share capital.

(b) Even after termination from membership of the Society, the liability of the member towards the liabilities of the Society as on the date of his termination shall continue for 2  years from the date of termination .

(c) Likewise, the liability of a deceased member's estate for the liability of the Society as on the date of his death shall continue for 2 years from the date of death.


Share  Capital

1. The authorised capital of the Society shall be Rs.15,00,00,000/- (Rupees Fifteen crore only) comprising of 60 lakhs shares of Rs.25/- (Rupees Twenty five only) each. It can be increased or decreased by passing a resolution to that effect at the General Body meeting of the Society and with the approval of the Registrar.

2. Every  member  shall  hold  at least  one  share  and  no  member  shall   hold shares worth more than 1/5th of the Paid up Capital or Rs.90,000/- (Rupees Ninety thousand only), whichever is less. By virtue of being the successor of a deceased member or due to any other reason if a member is required to hold shares beyond the prescribed limit, the Society may permit transfer of shares beyond the said limit in such cases. The power to accept applications for share(s) shall be with the Managing Committee.

3. A certificate will  be issued for the share/shares  held by  a member . The certificate will bear the common seal  of the  Society and the signatures of the President and the Chief Executive or Additional Chief Executive . A member shall hold the share(s) with him for at least a year. The share(s) can be surrendered to the Society or transferred to other members only with the approval of the Society.

4. A member whose membership stands terminated in terms of bye-laws No.11 (c) or (d) shall be paid within 6 months of such termination an amount equivalent to the value of his share(s) at that time, which shall be decided as per the Act/Rules by the Managing Committee but not exceeding the amount  deposited  by him. However, such refunds in any accounting year shall not exceed 1/10th of the Paid up Capital of the Society as at the end of the previous accounting year and the member's liability(ties) to the Society, if any, shall be deducted there from.

5. On the death of a member the Society shall refund within a year the then value of his share(s), decided as per the Act/Rules by its Managing Committee, which shall not exceed the  amount  deposited  by him after deducting his dues to the Society, to the person  nominated as per bye-laws No.7 by the deceased member. In case there is no nomination, the amount  shall  be  paid  to the person, who in the opinion of the Managing Committee is the legal heir or eligible to receive the amount by virtue of his legal guardianship, after obtaining an indemnity bond.

Loan (Maximum Rs. 7.00 Lakhs @ 7% )

        Members  will  be  eligible  to take a loan of Rs. 7 Lakhs on completion of 4 years in bank service and Rs. 3 Lakhs on completion of 2 years in service.

1. The Society shall grant loans to its members in terms of bye-laws No.2 (c). A member desirous of obtaining a loan shall submit an application addressed to the President, in  writing, stating the purpose and term of the loan and the guarantee offered. The Managing Committee shall have the power to sanction or reject the application.

A loan shall generally be sanctioned for the following purposes:-

(i) For purchase of household articles, repairs to house, purchase of house / flat or plot of land.

(ii) For meeting the educational and employment expenses of the children or dependants.

(iii) For treatment of disease(s).

(iv) Marriage, thread and other essential rituals, ceremonies etc.

v) For paying insurance premium or other liability.

(vi) To overcome unexpected calamities (e.g. natural calamities)

(vii) To buy shares in another co-operative society which is not a competitor.

(viii) Any other purpose which the Managing Committee may deem fit.

No Loan shall be Granted for Money Lending .

2. Ordinarily, loan applications  will  be scrutinised  by  the  Managing  Committee  and  the loans sanctioned by the Committee. In  emergency  circumstances,  loans may be sanctioned by the President . It will be the responsibility of the Managing Committee not to sanction bad / doubtful loans.

3. A  member shall  be granted loan up to 10 times  his share  capital or 35 times  his salary  (Basic Pay, Special Pay and Dearness Allowance), whichever is less, subject to a maximum of  Rs.7.00 Lakhs (Rupees Seven Lakhs only)

4. The monthly installments of loan shall be decided by the Managing Committee. Such installments shall, however, not exceed 144. Expenses in connection with remitting loan installments  and  dues  to  the  Society shall  be  borne  by  the  borrower.  No  LOAN  can  be  repaid  in  less  than 12 monthly  installments . However,  under  extra-ordinary circumstances, repayment may be made / permitted before the said period.

5. Sanction  of  loans to  members  shall  be on the  basis of  surety  furnished  by  two  other  members good for the amount acceptable to the Society subject to the member complying  with  the  terms  and  conditions  laid  down by  the Bank vis-a-vis deductions from salary, etc.The quantum ceiling for such surety by any member shall be fixed by the  Managing  Committee. If  the  loanee  fails  to repay the principal, pay interest at the determined rate or other dues to the Society, such dues shall be recovered from the surety(ies) jointly or severally .

6. The Managing  Committee  shall  have  powers  to sanction the loan applied for or reduce the amount applied for/sanctioned amount or reject the application out rightly. It will not be necessary to assign the reasons for reducing the loan amount or rejecting the application.

7. Interest  on  loan shall be fixed by the Managing Committee and General Body from time to time.The loan should be utilised for the purpose for which it was obtained. If it is used  for  any other purpose, the Managing Committee may recover the entire loan together with interest at once and also recover a penal interest at the rate decided by the Managing Committee.

8. A  member availing   loan or furnishing  guarantee under bye-laws No.41 shall  undertake  to  discharge his liability  to  the Society in full before quitting his job. A guarantor member may arrange for an alternate guarantor(s) and thereby get himself discharged of the responsibility.

9. In  the  event  of  death  of  a  guarantor  or  if  in  the  opinion of  the  Managing  Committee  a  guarantor  is  unfit  to continue  as  such  or  the  property  offered as security is insufficient, the  member  shall  be advised to furnish another guarantor or increase the security. If another guarantor or security does not forth come within the time stipulated in the notice, then the loan granted on the guarantee/security should be returned in full with interest.

10. It will  be  the  responsibility  of  the  Managing  Committee  to  recover the  loans in  time. It will also be the duty of the Managing Committee to initiate legal proceedings to recover the balance amounts within 6 months from the date of occurrence of irregularity.

Compulsory Deposit

1. Every member shall deposit every month a sum as decided from time to time by the General Body from the date of becoming a member or from the date decided by the General Body:

  •  Clerks / Subordinate Staff  - Rs.400/- per month

The said compulsory deposit shall be known as Monthly Compulsory Cumulative Deposit Fund (MCCDF).

2. (a) The amount recovered in terms of bye-laws No.48 is returnable with interest to the members when they quit or are removed from the Society. However in order to extend financial security /assistance to the members and their families as provided for in bye-laws No.2 (e) and 31 (r), recovery can be made from the investments or deposits with the Society.

   (b) The amount referred to in (a) above may be reinvested for a specific period at the specified rate of interest at the written request of the member or his successor.

Security & Aid Fund

Every member shall contribute Rs.100/- (Rupees Hundred only)  per month to the Security & Aid Fund (SAF)

1976 - 2019
2017-2018 9803 133605175 301544037 725379646 13360518
2016-2017 9290 125902950 278321902 686082017 12590295
2015-2016 8916 122008825 274760296 681552797 12200882
2014-2015 8938 114798600 272201484 644177574 1147986
2013-2014 8938 109325750 267979622 635910943 10932575
2012-2013 8717 101352875 259721026 599015302 10135288
2011-2012 8211 93735250 248224758 558847660 9373525
2010-2011 7789 76164550 235564937 510801084 9373525
2009-2010 7773 7850925 224106864 458531462 7850925
2000-2001 9544 50347225 119819055 285522121 7552084
2008-2009 8064 76555875 214973533 458447297 7655588
2007-2008 8483 77165525 207585503 474881307 7716553
2006-2007 8569 74985025 198005326 455651985 7498502
2005-2006 8668 68878675 184330758 390340445 6887887
2004-2005 8626 64394125 166965188 355468414 6259151
2003-2004 8772 60057700 153049424 313658296 6493536
2002-2003 8938 58101175 139877054 287571459 6391129
2001-2002 9544 54427900 125652765 318604860 6251718
1999-2000 9317 46319300 100320921 294129432 7874281
1998-1999 9077 42105550 82791877 277631593 7157943.5
1997-1998 8876 37377975 66421783 267660924 6524255.8
1996-1997 8724 33684975 51641638 252736890 5052750
1995-1996 8545 28473725 40156949 209580155 4616115
1994-1995 8121 23021325 31929449 170834298 2762600
1993-1994 7652 17265550 24979440 125573051 1726555
1992-1993 7352 13205600 19615123 94159975 1320560
1991-1992 6912 10861925 15175270 79607209 1087000
1990-1991 6436 7554100 11340678 51019130 865684
1989-1990 5985 5378050 8520732.4 31659531 1695300
1987-1988 5007 3944575 5142999.9 25523916 673000
1988-1989 5642 4504025 6357420.2 27823017
1986-1987 4488 3115225 3768232.6 20224569
1985-1986 4065 2339825 2491094.2 15231487
1984-1985 3538 1854200 1559325.6 12469511
1983-1984 3052 1299450 1063147.6 8479848.1
1982-1983 2565 853975 972135.3 5595928.3
1981-1982 2118 557650 653903.3 3782150.2
1979-1980 952 152475 227303.7 947385
1978-1979 681 85125 97970 387727
1977-1978 18 18325 19760
1976-1977 18 8650 0


About Us

S. B. I. Karmchari Sahakari Sakh Samiti Maryadit, Bhopal was registered in 1976 under M.P. Co-operative Society act 1960, there after with the formation of Chattisgarh State it attained the status of Multi-State Cooperative Society in 2001. The membership of Society consisting of serving employees of State Bank of India rose from a meagre 18 members on inception to 9260 members in the year 2019 and has the authorized share capital of Rs. 15 crore comprising of 60 lakh share of Rs.25/- each. Read More...