Diamond Jubilee of The Mysore Merchants Co-operative Bank

The Mysore Merchants Co-operative Bank Ltd., Jaganmohan Palace Road, Mysuru, is celebrating its Diamond Jubilee (1959-2019) this year. Here we publish a write-up highlighting the evolution of the Bank, which has branches in Bandipalya and Hebbal. —Ed

Mysuru: The Founder of The Mysore Merchants Co-operative Bank late Ragimandi Chowdaiah was an exceptional Co-operator, Social Activist and a person with best interest for merchants. During the times of drought, there was serious scarcity of food supplies and at that time private banks used it as an opportunity and exploited the merchant class.

With the intention of supporting the merchant class late Ragimandi Chowdaiah, late P.N. Subbarayappa, late Chinnaswamy Mudaliar, late B. Ramanna and others opted for Co-operative method as it was a good option. As a result, in the year 1959 “The Mysore Merchants Co-operative Society” was formed with help from a few generous wholesale merchants. Because of their support the Society could fight back the black market to a major extent.

The Founder Ragimandi Chowdaiah could have been the President of the Society easily but he chose the right person  Ram lyer, who had experience in the field of Society, to be the President and the situation of drought came under control in three years. Thus the purpose of the Society was well-served.

By the initiative of the Founders and their dynamic vision, the Society was converted into “The Mysore Merchants Co-operative Bank” and  P. Gopala Krishna Shetty served as the first President with 131 members and with a share capital of Rs. 56,429.

Ragimandi Chowdaiah and other Co-Founders were the main source of energy and brains for the development and improvement of the Bank which has brought the Bank to a new success through their commendable efforts.

Even Ragimandi Chowdaiah’s family stood by him for several generations by working for its success day in and day out. The Founder’s son late Ragimandi C. Vasanthu too has contributed to the Bank by being the President and his son and grandson of Chowdaiah, C.V. Somashekar is one among the Board of Directors of the Bank today. On this occasion, the Bank also remembers the contribution of A.B. Srikantaiah as Secretary and C. Ekambara Naidu as General Manager (GM) for their honest and continuous efforts.

During initial stages, the investment of the Bank was Rs. 3,100 only but comparatively today its investment is above Rs. 88 crore. Advances to its customers has crossed Rs. 269 crore. The profit of the Bank during inception was about Rs. 8,900 comparatively profits of the Bank have crossed about Rs. 5.6 crore during the year 2018-19.

The Bank also reciprocates to the need of society during natural calamities by donating liberally to the Chief Minister’s Relief Fund. The Bank arranges health check-up camps every year to its members and recognises bright students of its members. Besides, the Bank provides education loan facility to members’ children at a very low rate of interest.

Apart from the Head Office of “The Mysore Merchants Co-operative Bank” near Jaganmohan Palace, the Bank has two Branches — one at APMC Yard, Bandipalya and another at Hebbal in Mysuru. The Bank has adopted Core Banking Solutions and provides all modern facilities to its members and customers.

With all modern infrastructure backed up by a strong team of committed staff, the Bank activities are managed in a professional way. No wonder the Bank has many awards to its credit.

The Mysore Merchants Co-operative Bank, which has stepped into 60 years of glorious banking, attributes its success to its members, well-wishers and customers and intends to grow to greater heights in the years to come with all their support.

Present team: The present Bank Committee consists of 12 members led by  A. Prabhu Prasad (President), R. Anand (Vice-President) and the Board of Directors apart from the GM.

Directors: C.V. Somashekar, B.R. Nandish, B. Kodandarama, M.N. Sumana, N. Sudha, K. Premkumar, R.P. Krishnamurthy and K. Venugopal; Professional Directors: M.R. Vijayalakshmi and S. Anuradha; General Manager: Shridhar B. Kulkarni.