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Founder President
The History of COCB is as old as the co-operative movement itself. Even before the First World War, when the economic situation was grim, and credit facilities were non-existent, the officials working in the then Mysore Government formed a Savings Association. The members of this Association would contribute a small amount every month which was being used for lending to the needy. This association was later named as Comptroller’s office savings association. To help and cover more needy who were in need of credit, it was resolved to form a co-operative society for the benefit of the staff of comptroller’s office and Insurance office. This society was later registered at Kunigal Camp of the Registrar and it came into existence on 19.08.1916. Dewan Bahadur Sri.M.N.Krishna Rao was the first President of the society. Sri.B.V.K.Iyengar was its first Treasurer. COCB had the fortune of being guided by the doyen of Kannada literature Sri.Masti Venkatesh Iyengar during his tenure as President from 1934-1934 There was not much growth during 1930 to 1950 due to the participation of the people at the helm in the freedom struggle. Amidst all this, the society celebrated its Silver Jubilee in 1941. After Independence, the Audit department was taken over by Central Government. With the formation of Life Insurance Corporation of India in 1956, the employees of LIC of India became its members. Earlier in 1954, the employees of Accountant General Office formed their own Society.
During 1967, the society took a major step and converted into a Salary Earners Co-operative Bank. LIC of India employees took full control of the Bank. The Bank had to face some turbulent times during the early 70’s because of allegations of misappropriation of the people at the helm of affairs then. This was overcome soon by the next committee, who worked hard with commitment and dedication and thereby not causing much damage to the bank’s reputation. The Bank which was functioning from an enclosed portico of MGID building decided to purchase a building of its own and purchased a building during 1970. The bank decided to demolish the old building to meet the steady growth and create additional space. A new building, the present cubbonpet building was constructed in the late 1980’s. In 2001, the Bank sought the permission of RBI to start a Branch in Mysore to give better service to its members in Mysore Divisional area. The Branch at Mysore started functioning from 2001 and is providing service to its members at Mysore and surrounding districts. With the volume of work increases and the introduction of computers in various offices, the bank did not lag behind and soon computerized the banking operation in Bangalore H.O and Loans Section during 2001. The bank which had made a reputation during this time took leadership in organizing meetings of co-operative banks to find a solution to some of the problems faced by the co-operative banks. The bank took leadership in leading a delegation to the State Govt. and RBI to represent against unjust Audit fee and ban on loan to directors. It was successful in getting relief on both these issues.
Former President
The bank which had made a reputation during this time took leadership in organizing meetings of co-operative banks to find a solution to some of the problems faced by the co-operative banks. The bank took leadership in leading a delegation to the State Govt. and RBI to represent against unjust Audit fee and ban on loan to directors. It was successful in getting relief on both these issues. The Bank decided to form a Forum of Urban Co-operative Banks under the leadership of the then President Sri.C.V.Kumar, to fight against the unjust imposition of Income Tax on Co-operative Banks and other larger issues. Many banks appreciated its work and immediately became its members. It is a matter of pride that a delegation led by COCB under the leadership of Sri.C.V.Kumar could meet the then Prime Minister of India Sri.Manmohan Singh during February 2007 to represent against the imposition of Income Tax on Co-operative Banks. The then Finance Minister Sri.Pranab Mukherjee was met 4 times to discuss the Income Tax Issue.
The deposits of the Bank crossed 100 crores during September 2012 and a meeting of our customers was organized to mark the occasion. With just Rs.5.22 lakhs deposits in 1975-76, the deposits today is almost on the verge of touching 170 crores. The profits during 1975-76 were Rs.1.98 lakhs- today the unaudited net profit is Rs.2 Crores after paying Income Tax of Rs. 1 crore. Last year the Bank paid a dividend of 19.5% to its members. Along with the growth of the bank, the facilities provided to our members also grew. Surety loan up to 13.5 lakhs, Immovable property loan of 25 lakhs, Education loan up to 6 lakhs, Vehicle loan for 2 and 4 wheelers are available to our members. Death relief of 1,75,000, medical benefit of Rs.25000/- Prathibha puraskar to meritorious children of our members who secure more than 90% in SSLC, PUC, and other public exams, teller facilities, core banking are some of the facilities given to our members.
As a part of its social commitment and concern, the bank during its 90th-anniversary celebration decided to donate 30 desks, 300 plates, and tumblers to two Government schools in remote villages of Madhugiri Taluk. The Bank continued with this social commitment and in the coming years distributed notebooks and other writing materials to these village schools. A few more village schools got added to the growing list. This activity was well appreciated by our members, and donation started pouring in from our members and well-wishers. Along with this, there were more requests from some more village schools. To manage this activity, the Bank formed a Trust named Chaitanya Sinchana. This year the trust distributed more than 20000 notebooks and other writing material to 32 village schools in Madhugiri and Kanakapura Taluks. Several programs like science exhibition, Maths exhibition, arts, and crafts exhibition are being conducted to motivate the village school children. The Directors and staff of COCB also did a street play to educate the villagers and school children on various topics like cleanliness, child marriage, child labor etc. To give better service to all our customers and as per the directions of RBI, the bank decided to change its software to Core Banking Software. The implementation of Core Banking Software was completed on 03.03.2015. The Bank celebrated the valedictory of its centenary celebration on 13.11.2016 at Shikshakara Sadana, Bangalore. Various programs like Customer Meet, Member’s Meet, Seminar, Group Singing competition, Quiz, Slogan writing competitions were held for our customers and members during the year-long program. A souvenir to mark the occasion was released during the valedictory function. The Banks former Office Bearers, Directors and CEO’s were felicitated during the function. A memento of 50gms Silver Coin was given to all our Members and Staff of COCB. The bank has its own dream, a dream to build a society free of exploitation. We have a long journey and a difficult path to tread ahead and we are bound to face more hurdles. We shall not be deterred by hurdles and threats. We cherish our dream and we shall make every effort to realize it.
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