Durgesh Chandavarkar takes over as Chairman of SVC Bank

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Mumbai, July 26, 2019: SVC Bank (SVC Co-operative Bank Ltd.), in its Board Meeting held on 24 th July 2019, announced the appointment of Durgesh S. Chandavarkar as its Chairman. Chandavarkar’s appointment comes as replacement after the sad demise of Vinod G. Yennemadi on 20th July 2019. Udaykumar P. Gurkar will continue to function as the Vice Chairman of SVC Bank.

Ajit Venugopalan, Managing Director, SVC Bank said, “We are indebted to Late Vinod Yennemadi for his contribution, his dynamic leadership, his vision and efforts to steer our Bank to the respectable position that we enjoy today. We will certainly miss his presence.”
Commenting on the new appointment, he further added, “Chandavarkar is an industrialist with more than 35 years of experience across varied industries. It is only befitting to have him guide us in the absence of Yennemadi. We look forward to continue the momentum and further the vision set forth by our Founders under this new leadership.”

Udaykumar Gurkar, Vice Chairman, SVC Bank said, “SVC Bank will surely miss the able leadership of Yennemadi. Perhaps the best way to pay tribute to him is to take his vision for SVC Bank ahead and continue raising the bar of excellence. On behalf of the Board of Directors, I welcome Durgesh S. Chandavarkar as the Chairman of SVC Bank. His rich experience in diverse industries will be an advantage for us, as we continue to serve the best interests of our customers through our new age, personalized banking
offerings.”

Durgesh Chandavarkar, Chairman, SVC Bank said, “I had the privilege of being appointed as a Director of SVC Bank under the leadership of Yennemadi on 22 nd June 2018. I have also seen him work closely in other industries where he was a part of the Board of Directors. His vision, his action plans and, most importantly, his persona has left an indelible mark on all the companies he has guided and we will, therefore, feel his absence. I thank the Board of Directors, SVC Bank for appointing me as the Chairman. I am sure with concerted efforts of the Board and the hardworking staff of SVC Bank, we will continue to carry forward the great legacy we have inherited.”

Durgesh Chandavarkar he is also at the helm of many companies. He is the Chairman & Managing Director of Standard Greases & Specialities Private Limited and Geotic Company Limited, Chairman of Royal Castor Products Limited, Director of Astrum Healthcare Private Limited, Standard Oils & Greases Private Limited, Tide Water Oil Co. (India) Ltd. and Veedol Internal Limited based in United Kingdom.