The Latur Urban Co-operative Bank Ltd. (LUCB) has been established on 2nd May 1995 by great visionary and Hon. Chairman Shri. Pradip Rathi who has been inspired by lofty ideals for the betterment of the economic, moral and material well-being of the Community. The Bank has a very humble but a very inspiring beginning as it was inaugrated by then Finance Minister of India and Ex-Prim minister Of India’s Dr. Mr. Manmohan Singh and Mr. Shivrajji Patil Chakurkar – then Speaker of Indian Parliament. It was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises, to encourage savings and to create funds for providing financial aid to deserving members. LUCB has set before a Visionary Growth Plan focuses all business strategies on provide banking with speed, comfort and convenience to the customer and to create value for Stakeholders.
Within 21 years of tenure from 1995 to 2016, the bank has achieved several peaks of success and bank is now having 16 branches all over maharastra out of which 13 are working and 3 are upcoming. Earlier bank has concentrated its operation in Marathwada region. Now it has expanded its area of operation to Pune and Mumbai region too.
It has achieved a total business of Rs. 566.81 crore comprising deposits of Rs. 355.69 crore and advances of Rs. 211.12 crore as on 31st March, 2016. The Bank has maintained an impeccable record of uninterrupted profits and payment of dividend since its inception.
Driven by technology and inspired by tradition, the Bank has matched strides with India’s digital revolution and become Tecnosavy Bank in Marathwada region. Bank has implemented successfully the Core Banking Solution (CBS). It has network of 16 ATM locations across Maharashtra. It has its own cheque printing mechanism. It has installed cheque deposit machine at some of its branches. LUCB is the first bank in Marathwada region who has received Mobile Banking permission. One side bank is stepping towards the paperless banking system; at the same time the Bank has also maintained its personal touch with customers through special attention to personalized service and welcomes them to visit the Bank’s branches too.
In the 21 years of its existence, bank has started service like franking, online tax payments, issuance of PAN, SMS alerts, anywhere banking, all types of remittances & clearing, Insuarnce, locker, etc. to facilitate its customers.