Celebrations to mark 105th anniversary of Railway Cooperative Bank

The 105th anniversary of the Railway Cooperative Bank will be celebrated at the Platinum Jubilee Auditorium of Mysore Medical College and Research Institute in the city on September 6, with Chief Minister Siddaramaiah and Deputy Chief Minister D.K. Shivakumar invited to inaugurate the event.

Addressing media persons here on Sunday, the bank president, M.B. Manjegowda, traced the history of the bank and said that it was established on April 1, 1920, as a co-operative society in a small room of the Railway Audit Office in Bengaluru.

He said it was the vision of L.V. Gopalan, a Travelling Inspector of Accounts in Mysore State Railway, who founded the society with 112 members and a modest paid-up share capital of ₹2,580.

Over the years, the institution has grown into a trusted banking entity with over 10,000 members and deposits exceeding ₹650 crore, he added.

Currently, the Railway Cooperative Bank operates through five branches, located at Railway Workshop, Ashokpuram (Mysuru), Mysuru Seshadri Iyer Road (Head office branch), Bengaluru, Yelahanka, and Arasikere.

Mr. Manjegowda said the bank provides a wide range of cooperative banking services, including loans, advances, and deposit schemes and was recognised as the “best co-operative bank” in Mysuru district on November 25, 2007. There are also plans to expand operations by opening new branches at Hubli, Mangaluru, Mandya and Davangere, said Mr. Manjegowda

Pointing out that modernisation was a continuous process, he said that the head office is fully computerised, while core banking operations were introduced in 2009, first at the Head Office and subsequently at Bengaluru and Yelahanka branches.

As part of the celebration, senior members of the bank will be felicitated, and the Prathiba Puraskar will be awarded to children of its members who have scored more than 80% in SSLC or higher examinations.

Bank vice-president S. Anand, CEO Narayan and others were present.