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. Read More »
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