Mysore Co-operative Bank scoffs at false financial claims

Bank financially sound; defamation suits filed against spread of false information: Officials

Mysuru: Amid social media posts raising concerns about the financial health and future of the century-old Mysore Co-operative Bank, located at Gandhi Square in the heart of the city, the Bank has dismissed the claims as baseless.

Addressing a press meet at Pathrakarthara Bhavan yesterday, Bank President Yogesh said the Bank was established in 1906 with the support of Nalwadi Krishnaraja Wadiyar.

He said the Bank has been serving the public for the past 120 years and accused some miscreants of spreading false information about its financial stability, functioning and future.

He appealed to Bank members and the public not to pay heed to such rumours and said they could approach the Bank directly to clarify any doubts. He also said a defamation suit had been filed against those spreading false information and making such claims.

Profit of Rs. 1.30 crore

Bank’s former President and present Director SBM Manju said the Bank currently has 33,373 members and deposits of Rs. 168.68 crore. The Bank earned a net profit of Rs. 1.30 crore last year and has disbursed loans totalling Rs. 111 crore, he said, adding that dividends had also been paid to members.

“Taking note of the Bank’s financial standing, the Reserve Bank of India has granted ‘A Grade’ status to the Mysore Co-operative Bank. But some people are spreading false propaganda for their own personal ends,” he said.

Bank Director Paduvarahalli Ramakrishna said the Bank has been paying a 10 percent dividend to its members for the past several years. The Bank recorded a profit of more than Rs. 1 crore after its accounts were audited by auditors appointed by the RBI, he added.

Bank Vice-President Tent Ravi, Directors Niranjan, Somanna, Pramila, Rajeshwari, Ravi, Girish, Chandrashekar, Yoganand, Ramakrishnaiah and Harish, Secretary K. Harsith Gowda and others were present.