Karnataka - Hubli-Dharwad   

Centenary celebrations of co-op. bank end on Sunday

Century-old: The main building of The Hubli Urban Cooperative Bank on Lamington Road in Hubli.

HUBLI: When Rao Bahaddur Valvekar Krishnrao of Hubli wanted to help civic workers (pourakarmikas) by opening a credit society in 1906, all he had was a deposit of Rs. 100 and a contribution of Rs. 1,450 from his 19 like-minded “cooperative” friends.

They were helped by the then Mumbai Government, which extended them a financial assistance of Rs. 2,000 for 10 years. That was the first and the last time The Hubli Urban Credit Cooperative Society (now known as The Hubli Urban Cooperative Bank) took loan for its operation.

When most of the cooperative banks in the erstwhile Dharwad district (comprising Dharwad, Haveri and Gadag) are on the verge of closure, thanks to the “ill health” of Karnataka Central Cooperative Bank, this bank has been making profits.

Founded on the principles of secularism, this bank has directors, members and customers from all communities.

After repaying the loan taken from the Mumbai Government within two years, the cooperative society never looked back. Valvekar Krishnarao, who was the Chairman of the Standing Committee on Health of the city municipality at the time of founding of the society, looked after its affairs efficiently till 1946. It was rechristened as The Hubli Urban Cooperative Bank in 1922.

The bank has seen 11 chairmen, including Valvekar Krishnarao, Ganesh V. Joshi and Sadanand K. Marathe (present chairman), who had a long stint compared to others. It is not only known for trustworthiness but also its social service. During the First World War, the bank opened a cooperative society to sell foodgrains at affordable prices and disbursed loans to the tune of Rs. 10,000 without charging any interest.

Such was its trustworthiness that before the Central Cooperative Society was established, nearly 30 cooperative societies did their business through it.

With the changing times, the bank has also changed without compromising its basic principles based on which it was established.

It has been catering to the needs of the people since its inception and now uses modern technology for operation.

The bank has six branches in the city and registered a gross profit of Rs. 1.15 crore during 2000-01.

The yearlong centenary celebrations of the bank will come to an end on Sunday.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Uterus removed from man
Appeal
Centenary celebrations of co-op. bank end on Sunday
Daily wage workers seek fair deal

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu