VGS Bank Vittal | Vittal Grameena Sahakari Bank Limited

VITTAL GRAMEENA SAHAKARI BANK LIMITED

The Co-operative Bank has played an important role in the Indian Financial system. These banks are formed under the provisions of state co-operative act, subject to some of the provisions of the Banking Regulation Act 1949. A credit co-operative is a voluntary allocation of members for self help catering to the financial needs on a mutual basis. The idea behind a co-operative society is that isolated and powerless men, in allocation with others, can lift him as well as others out of weakness into strength co-operative for working out the economic problems. The passing of the 1912 Act gave scope for the development of co-operatives through co-operative movement. As a result of this, a number of co-operative societies have been organized in the district by the people and question of financing them had to be tackled.

For the fulfillment of above intention ‘VITTAL GRAMEENA SAHAKARI BANK’ established in 1955 at Vittal. It was approved by Madras Government. With the guidance of “Sahakari Pithamaha” Late. Molahalli Shivaraya and with the Leadership of Late.Urimajalu Venkappayya and his team of selfless workers were responsible for the establishment and development of the Bank. And also several Co-operative Institutions, Consumers, Marketing, Industrial and other Societies. The main intention of this bank is providing financial support to farmers in rural areas. When this bank was started its operation was restricted to Bantwal Taluk only. The name of the bank was “Vittal Rural Co-operative Bank”. Later it was taken over by the Karnataka Government and renamed as Vittal Grameena Sahakari Bank. Initially it had 327 members and Rs.26,850 Share Capital. Today it has 6383 members and Rs.156.99 Lakhs Share Capital and it covers 2 taluks.

The Vittal Grameena Sahakari Bank Ltd extended its business transaction by opening its first Branch at Kanyana in 1985. Later in 1997 at Kalladka, at in 2009 at B.C.Road, in 2011 at Puttur. Today, its good customer service, pre-eminent track record in house keeping, adherence to prudential accounting norms, consistent profitability and adoption of modern technology for betterment of customer service have eared the Bank a place of pride in the Banking Community. The Bank has been richly endowed with a relatively young, dynamic and efficient manpower, which is the key factor of the Bank’s success. The growing confidence of its clientele is well reflected in the Bank’s performance in all critical areas of its operations all through the years.

Findings in the VGSB LTD:

The Vittal Grameena Sahakari Bank is providing best quality of services
The VGS Bank has NEFT/RTGS and E-Stamping facility etc.
Most of the respondents come to know about the loan schemes offered through bank executives
Most of the respondents satisfied with the loan process.
Punctuality in attending office and customers
Most of the respondents are male and rest of them are female
Govt. security loan is least opted by the customers and the Jewel loan is highest preferred by the customers
Majority of the customers are banking since more than 5 years
Most of customers have borrowed loan for its quick processing feature
Most of customers expect for fixed rate of interest
Service charge is reasonable.
EMI (Equated Monthly Installments) is convenient.
Most of respondents felt that the service quality is the most important factor
Most of respondents felt that the attitude of the staff is very good
Most of people aware of the interest rate
Employees have constant touch with the customers
Discipline maintained by the staff and good co-operation of staff
Most attractive feature is its fast processing time
50% of the respondents hold SB Account and 24% of the respondents hold Loan Account and the rest of them hold other accounts. This shows that majority of respondents are having orientation towards savings.

History

‘VITTAL GRAMEENA SAHAKARI BANK’ was established at Vittal in 1955. It was approved by the Madras Government. With the guidance of “Sahakari Pithamaha” Late. Molahalli Shivaraya and with the Leadership of Late.Urimajalu Venkappayya and his team of selfless workers were responsible for the establishment and development of the Bank. And also several Co-operative Institutions, Consumers, Marketing, Industrial and other Societies. The main intention of this bank is providing financial support to farmers in rural areas. When this bank was started its operation was restricted to Bantwal Taluk only. The name of the bank was “Vittal Rural Co-operative Bank”. Later it was taken over by the Karnataka Government and renamed as Vittal Grameena Sahakari Bank. Initially it had 327 members and Rs.26,850 Share Capital. Today it has 6383 members and Rs.156.99 Lakhs Share Capital and it covers 2 taluks.

The Vittal Grameena Sahakari Bank Ltd extended its business transaction by opening its first Branch in Kanyana in 1985. Latter 1997 in Kalladka, 2009 in B.C.Road, 2011 in Puttur. Today, its good customer service, pre-eminent track record in House Keeping, adherence to Prudential Accounting Norms, consistent profitability and adoption of modern technology for betterment of customer service have eared the Bank a place of pride in the Banking Community. The Bank has been richly endowed with a relatively young, dynamic and efficient manpower, which is the key factor of the Bank’s success. The growing confidence of its clientele is well reflected in the Bank’s performance in all critical areas of its operations all through the years.

Objectives

The main objectives of The Vittal Grameena Sahakari Bank Ltd era as follows:

To develop and encourage saving habits and co-operation in rural people.
To provide short-term, medium-term, and long-term loan to economic development and to increase production.
To supply fertilizers, pesticides, etc to farmers at a low rate.
To provide storage and marketing facilities.
To provide marketing facility for agricultural outputs.
To receive deposits from members and non-members.
To provide loan on the basis of hypothecation deed for the purchase of vehicle, pump set, and household goods.
To provide jewel loan and overdraft facility.
To promote education.
To carry on banking and credit business.
To inspect, supervise and estimate credit of member societies.
To help in the growth of the co-operative movement.
To undertake business and activities as applicable to co-operative societies.
To improve the business and standard of living of the member by providing cash credit loan.
To achieve overall development of the member.

Administration Board

Sri. Jagannath Salian H
President
Sri. Mohan K S
Vice President
Sri. Harish Nayak M
Director
Sri. Manoranjan K R
Director
Sri. Vishwanath M
Director
Sri. Udaya Kumar A
Director
Sri. Krishna K
Director
Sri. Balakrishna P S
Director
Sri. Gowardhana Kumar I
Director
Sri. Sundara D
Director
Sri. Dayananda Alva K
Director
Sri. Divakara V
Director
Smt. Jayanthi H Rao
Director
Smt. Shubhalakshmi
Director

Ex-Presidents

Venkappayya K Urimajalu
1955-1976
Modinabba P K Vittal
1976-1979
Kudoor Krishna Bhat
1979-1985 & 1989-1995
Krishna Bhat K Urimajalu
1985-1989
N Anantha Bhat
1995-2010
L N Kudoor
2010-2020

Branches

The Vittal Grameena Sahakari Bank Ltd has extended their business transaction by opening its branches.

Branch 1: 1985 in Kanyana.

Branch 2: 1997 in Kalladka.

Branch 3: 2009 in B.C.Road.

Branch 4: 2011 in Puttur.

Co-Operative Sectors

Co-operative movement in our country shall not only stay but also grow in times to come. In spite of the drawbacks experienced in the working and administration of the co-operative societies, they have positively contributed to the growth and development of the national economy. Promotion of thrift, self-help and mutual aid are the fundamental principles of co-operation. The orientations of commercial organization and co-operative organizations are basically different. The prime objectives, in addition to the three fundamentals of co-operation mentioned above are to make available the goods and services in required quantity, of better quality and at a reasonable price to its members. Co-operative banks play a vital role in rural development of India.

The following are arguments on how these banks play this crucial role

Co-operative banks create opportunities for employment and income generation in the rural areas.
They increase accessibility of goods and services, all of which also contribute to economic growth.
They encourage performance and competitiveness, as their members are also the beneficiaries. This also applies to deprived groups such as indigenous populations and disabled persons.
They tend to choose sustainable development options because of their member-driven nature, a key approach for rural areas whose population depends on the resilience of natural resources such as given that other types of enterprises often find it too expensive to invest in these areas or anticipate low levels of economic return. This is the case for electricity, water resources, financial services, and consumer supplies. In India, for instance, the consumer needs of 67 percent of rural households are covered by cooperatives. It helps to address many social and economic concerns such as community identity and strengthen the social fabric, particularly important in post-crisis contexts.

Vittal Grameena Sahakari Bank ವಿಟ್ಲ ಗ್ರಾಮೀಣ ಸಹಕಾರಿ ಬ್ಯಾಂಕ್ ನಿಯಮಿತ