MYSURU, 31 AUG

The Railway Co-operative Bank will celebrate its centenary, or ‘Shatha Payana’, on 6 September at MMC and RI Platinum Jubilee Auditorium, JK Ground. Chief Minister Siddaramaiah and Deputy Chief Minister DK Shivakumar are expected to attend.

President MB Manjegowda told mediapersons that the bank was founded on 1 April 1920 as a co-operative society in a small room at Bengaluru’s Railway Audit Office. It was established by LV Gopalan, a Travelling Inspector of Accounts in Mysore State Railway, with 112 members and a paid-up share capital of Rs 2,580. 

Today, it has over 10,000 members and deposits exceeding Rs 650 crore, operating through five branches in Mysuru, Bengaluru, Yelahanka, Arasikere, and the Railway Workshop Ashokpuram. The bank offers services including loans, advances, and deposit schemes, with the loans sanctioned within 30 minutes. It was recognised as the Best Co-operative Bank in Mysuru District in 2007.

The modernisation has been a key focus, with the Head Office achieving A-grade status and core banking introduced in 2009. Future plans include transforming into a Multi-State Co-operative Bank and opening branches in Hubli, Mangaluru, Mandya, and Davangere. The celebration will also honour founding members and award children of members excelling in SSLC and above.