One of the oldest co-operative banks in Mysore, the 80-year-old Graduates' Co-operative Bank (GCB), has computerised its operations at a cost of Rs 15 lakh. It has proposed to offer locker and clearing house facilities shortly for its members who number over 10,000. | |
| It was set up in November 1923 as a co-operative society by then vice-chancellor of Mysore University N S Subba Rao to mitigate the plight of the poorly-paid teachers in securing loans for their urgent needs. |
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| It had its beginning in a room in the Saradavilas educational institution in Krishnamurthy Puram and later acquired its own business premises in the Chamaraja Double Road, Today, it has a capital base of Rs 2.3 crore and deposits of Rs 13 crore. |
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| On the eve of its general body on September 19, its 2003-04 figures reveal a turnover exceeding Rs 70 crore. Loan advances amount to Rs 8 crore and recovery is 90 per cent. After provisions including the below 10 per cent NPA, GCB has attained a profit of Rs 31.5 lakh and declared a 9 per cent dividend. |
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| "We have proposals for loans up to Rs 20 lakh for institutions, trusts, charitable institutions and associations of credit-worthy and Rs 5 lakh for non-members or associate members," says GCB president K R Subbakrishna. |
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| "Maintaining the tradition of eight decades and a board of directors comprising dedicated academics, GCB has become an 'A' grade co-operative bank for its excellent performance," the president added. |
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