Karnataka - Mysore   

Mysore cooperative bank set to celebrate centenary

Staff Correspondent

MYSORE: The Mysore Co-operative Bank Limited, one of the icons of the royal city that has been working for the welfare of society, is in its centenary year.

The bank, founded by Nalwadi Krishnaraja Wadiyar in 1906, is all set to celebrate the occasion in a grand manner on Sunday.

It was initially a "Swadeshi Store" set up to sell foodgrains. It became a bank in 1966 when the Banking Regulation Act was introduced and Nanjundaraje Urs was its first president.

It started functioning by offering membership to people from various sections of society. With the support of nearly 20,000 members, the business of the bank has been improving with the passing of every year.

The Reserve Bank of India has recognised it as a Grade 1 bank and it was fully computerised recently.

The bank, which posted gross profit to the tune of Rs. 1 crore during its centenary, had taken the initiative in pursuing its members to purchase National Savings Certificates to the tune of Rs. 2.4 lakh, P. Nagaraj, president of the bank said.

The bank has been providing advances to its members for the education of their children and felicitating talented children. It will felicitate 100 senior members as part of its centenary celebrations.

The bank has donated funds for installing traffic signals in the city. It organised nine free health check-up camps as part of its centenary celebrations.

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