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Jubilee celebration of Co-operative Bank

The Graduates' Co-operative Bank, one of the oldest co-operative institutions in Mysore, is celebrating its 'Amrithothsava'. The 78th anniversary of the Bank will be celebrated on September 30, 2001. It will follow the 77th general body meeting on the same day, in the morning. Union Minister for Consumer Affairs and Public Distribution Mr. V. Srinivasa Prasad will inaugurate the celebration. Bank President Mr. K.G.Satish will preside.

Nearly eight decades ago, the then Vice-Chancellor of the Mysore University, Mr. N.S.Subba Rao, saw the plight of poorly paid teachers in securing loans for their urgent needs. He thought of setting up a co-operative society to help them. He gave shape to his idea and established 'The Mysore Graduates' Co-operative Society' on November 23, 1923, in Mysore. The Society started working in a room in the Sarada Vilasa Educational Institution in Krishnamurthy Puram, with a small number of 87 members. Slowly becoming popular among the teachers and the educated class of university graduates, who were eligible to become its members, the Society moved over to the then prestigious shopping complex of Lansdowne Buildings in the heart of the city. Gaining strength and support, it moved to its own premises on August 18, 1949, in the Chamaraja Double Road, then popularly known as the 100 Feet Road.

Financial operations and strength of members expanding, the Society earned the status of a Bank from the Reserve Bank of India. With as many as 10,053 members on its rolls today, the 2000-2001 year figures reveal a share capital of Rs.2,00,97,000 crores, deposits of Rs.11,79,10,000 crores, loans extended to members Rs.6,81,10,000 crores, and a record net profit of Rs.58,08,000 lakhs. In recent years, it has been declaring a dividend of 25 per cent to its members. As a result of its excellent performance, it has become an 'A' grade co-operative bank.

Stepping into the 78th year, the Society plans to rebuild its present building for expanding activities. With proposals of computerization, extension of financial assistance to students for higher education and higher quantum of loans, it plans to cover atleast a lakh of people in Mysore.

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