Bangalore City Co-operative Society completes 100-years

Bangalore, July 29 (UNI) The Bangalore City Co-Operative Society Limited, the first ever co-operative institution in Karnataka will celebrate its centenery year next month Cooperative Society President T Shivakumar said today.

He told newsmen here that the Cooeperative commenced its operations in 1905 and was apremier co-operative institution during 1930's and had bagged many awards and laurels from the then Mysore rulers.

He said the Co-Operative Society, also extended its helping hand to the people during World Wars, serving rations at subsidised prices.

He said that the society which suffered fromd lack of competitive edge and RBI restrictions on its financial operations was on a low profile in recent years. However it never sufferred any financial crunch. He said that the society had assets worth over Rs 50 crore by way of land and buildings and has no debt.

Mr Shivakumar said the present elected body of the society has evolved a plan to ensure that the Cooperative regained its past glory and have decided to use the part of the land to construct commercial complex besides consolidating its co-operative business in the present open-economy environment.

He said tht the society which has a strength of over 2250 active members will receive a dsvidend of 18 per cent on this centenery year. The society has also decided to give more focus on education lending and mortage loans.

UNI MV VK HVB1440