Overview
The Mysore Maharaja Nalwadi Krishnaraja Wadiyar, for the welfare of the Mysore people in general showed interest to start a co-operative institution in the name of “Swadeshi Stores” in the year 1906. The objective of this institution was to provide food grains and necessary house hold items to the common people of Mysore at reasonable rate. The then co-operator Late Sri NanjundaRajeUrs and other co-operator’s M.C. Rangaiyengar, G. SubbaswamyIyer, M.G.Ramachaandra Rao, K. Sanjeeva Shetty, H. R. Krishnamurthy Rao, V. Balaji Rao, A.Varadacharya, and B. Subbaramu were the chief founders of this institution. The late NanjundaRajeUrs was the first president and founder of this institution.
In the year 1966 when the co-operative Banking act came into effect the name “Swadeshi Stores” was changed as “THE MYSORE CO-OPERATIVE BANK Ltd., with the aim to provide banking facility to its members. The bank is running on its own share capital and funds without taking any help or financial assistance from Government. The Mysore cooperative bank on the co-operative principle of “Each for all and all for each” allowed general public to become its members, irrespective of caste or creed. Any person living in Mysore city can become a member of this bank .This bank has been classified as “A” grade bank in Mysore city, the Reserve Bank of India considered this bank as Grade I bank. This bank has celebrated Silver Jubilee in the year 1933, Golden Jubilee in the year 1956, Platinum Jubilee in the year 1976 and after completing 100 years in 2006 celebrated centenary celebration in a befitting manner. The bank started to function in a small rented building but now has its own buildings at Gandhi Square as Head Office and a branch at New Sayyaji Rao road, Mysore. Both head office and branch offices are fully computerized.
In addition to the banking facility provided to its members it is rendering social service to its members and public. Such as the bank has created a fund to provide one day meal in a year to the patients of Bharth Cancer Hospital at Mysore. The bank so far conducted nine free eye camps and conducted eye testing and eye operations to its member’s. This bank is the first bank registered under co-operative institutions in Mysore. It has obtained License from Reserve bank of India to continue the banking business and its deposits are insured with Deposit Insurance and Credit Guarantee Corporation (DICGC).
The bank has started with 36 members with a share capital of Rs.578/- has now reached 30,607 members, with a share capital of Rs. 532.09 Lakhs, having mobilized a deposit of Rs. 9,297.97 Lakhs and advanced to the tune of Rs.6,110.05 Lakhs and earned a net profit of Rs.89.84 Lakhs as on 31.3.2017. This is one of the prominent co-operative banks in Mysore city.
(Note: as per terms and conditions under DICGC is applicable)
