Mysore co-operative bank computerised

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.

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.

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.

"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.

"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.