SHORT HISTORY
The Gokak Urban Co-operative Credit Bank Limited, Gokak was registered as an Urban Co-operative Credit Society on 15th February 1906, under the Co-operative Societies Act of 1904, mainly through the efforts of the then local leaders namely, M/s. N. M. Ghodageri, R. G. Kasturi, S. S. Patil and G. S. Kalyanshetti etc., with a modest capital of Rs.540/- and deposit of Rs.2001/- and with an area of operation of 5 miles round about Gokak town. The face value of each share was intentionally kept at Re.1/- each in order to enable even the poorest man to become a member of the Society.
It rapidly progressed and in 1924 it was converted into an Urban Bank with a share which was then raised to Rs.10/-. With this humble beginning the Bank started its promising career. It was fostered and nurtured by the paternal care of its promoters. The successive members of the Managing Committee by unstinted devotion and business acumen have all contributed their best to the growth and expansion of this institution. The working capital of the Bank as on 31-3-2023 is Rs.13,827.50 Lakh.
The Bank was holding its office in a rented building for fifty years. The management decided to build a decent building to house the Bank as a result of which a magnificent building with a tower clock for public utility is standing before us now as an index of the successful working of the Bank for the last 106 years. Provision for safe deposit lockers is also made.
In the first world war the Bank imported Rice from Rangoon on Government permits and distributed to the public at reasonable rates. Similarly at the time of the 2nd world war, the Bank worked as wholesale sugar distributor for Gokak Taluka and conducted ration shop and cloth shop. Thus it would be seen that the Bank is rendering useful service in the case of education, and other social activities in addition to its service to the Members and Customers.
The Bank is in “A” class since 1935 and celebrated its Golden Jubilee on 27th October 1956 under the Presidentship of Late Shri. Jayachamarajendra Wadeyar the then Rajpramukha of Mysore State. The Bank has also celebrated its Diamond Jubilee on 29th July 1969 under the Presidentship of Late Shri. P. M. Nadagouda the then Co-operative Minister of Mysore State. Shri. Veerendra Patil the then Honourable Chief Minister of Mysore State was the Chief Guest on the Occasion.
The Bank has celebrated its Platinum Jubilee on 29-01-1984 under the Holy presence of Late Shri. Jagadguru Nijalingeshwar Maha swamiji Siddha Samsthana Math, Nidasoshi and Honourable Shri. S. Nijalingappa, former Chief Minister Karnataka State, former President All India Congress Committee was the Chief Guest of the function.
With the view to give better service to the members and other clients of the Bank, the Bank has opened two branches at Gokak. Viz.
1) New Market yard and
2) Extension Area near Court circle Gokak,
3) Basava Nagar Branch, and Near Mayur School
5) Lolasur Branch
6) Harugeri Branch
7) Belagavi
8) Mudhol
9) Jamkhandi
Tq: Raibag. All branches are working on sound lines and with regular profit each year.
"THE BEST CO-OPERATIVE BANK"
By the joint venture of Karnataka State Co-Operative Federation Ltd Bangalore & Karnataka State Urban Co-Operative Banks Federation Ltd., Bangalore Celebrated 53rd All India Co-Operative Week at Belgaum on 17th November 2006.On this occasion Our Bank was Honored as “THE BEST CO-OPERATIVE BANK”
For the year 2005-06. This award had been given to the then President Smt Shantadevi Ghodageri by Honorable Horticulture Minister Shri Shashikant Naik along with other Co-operative Dignitaries.
During the celebration of the Centenary of the Co-Operative Movement on 29th July 2007 by Karnataka State Co-Operative Federation Ltd Bangalore, at Mysore.
“Centenary Co-Operative Bank”
Award had been honored to the then President Shri. C.C.Alatagi & the Manager Shri S.S.Patil by the Honorable Co-Operative Minister Shri G.T. Devegouda.
Our Bank Celebrated the Centenary on 11th March 2011 under the Holly Presence of Shri Siddeshwar Swamiji Dnyanayogashram, Vijapur and Shri B.S.Yadiyurappa the Honorable Chief Minister of Karnataka was the Chief Guest of the Function.
According to the present bye-laws any person residing in Belgaum District could be admitted as member of this Bank.
The Authorized Share capital of a Bank is Rs.500 Lakh while the paid-up share capital of a Regular Member as on 31-3-2023 is Rs.39.80 Lakh and Associate Member is Rs.2.66Lakh.
The Bank is transacting almost all kinds of banking business. It receives Current, Savings, Fixed, Call and Cumulative, Pigmy deposits and has issued Golden Jubilee Cash Certificates of ten years & advances loans and cash credits on personal security or on mortgage of property and against agricultural and industrial goods and Gold & Silver ornaments. Besides, the Bank issues Cheques and discounts cheques. The Bank is also advancing loan for construction of buildings and for purchase of vehicles. The total deposits as on 31-3-2023 amount to Rs.11,653.48 Lakhs. And the total advances amount to Rs.7,494.05 Lakh.
The Bank has always maintained adequate fluid resources according to the standard fixed by the Registrar and Reserve Bank of India. The amount invested in Govt. and trustee securities as on 31-3-2023 is Rs.3,345.25 Lakh and that in the shares of Co-operative institutions is Rs.1.79 Lakh Cash in hand and Bank balances in C.D. account amount Rs.646.64 Lakh, Fixed deposit’s with other bank’s an amount of Rs.1,363.34 Lakh. And Bank Invested of Rs.980 Lakhs with Various in Mutual fund’s. The Bank is submitting monthly and quarterly returns regularly to the Reserve Bank of India under Banking Regulation Act. Deposits up to Rs.5 Lakh are insured by Deposit Insurance & Credit Guarantee Corporation.
The Bank has been all along distributing a part of its profit for charitable purpose. It has contributed a substantial amount to the Gokak Municipal High School Gokak building and also to the local libraries and some other charitable institutions, such as Mahalaxmi well, Maruti Dharmashala, Karnataka Health Institution, Kundernad Shikshana Prasarak Mandal, Free Boarding etc. The Bank has also contributed to the J G Co-operative Hospital at Ghataprabha, The JSS Arts & Science College Gokak and towards National Defense Fund.
The Bank has donated a sum of Rs.30, 000/- for construction of a sports school at Chandaragi, Belgaum Dist. Besides the Bank has contributed a sum of Rs.51, 000/- to Kargil Fund and sum of Rs.1, 25,000/- has been donated to the Karnataka State Urban Banks Federation Bangalore for construction of its new building at Bangalore.
The Bank has also instituted Scholarships to be paid to the local high school and college students who secured highest marks in the SSLC, PUC II Year and degree examination and Rank holders from their respective schools / colleges.
In these challenging stages with rapid effect of Globalization, Liberalization & Privatization the bank has achieved its own Land mark in the Co-Operative Era of Banking Sector amidst the Nationalized Banks & Private N B F C Banking Sector. Due to economic crises the Reserve Bank of India laid down certain parameters which have adopted & implemented by our Bank.
The Bank has achieved Grade I by fulfilling all the parameters laid down by the Reserve Bank of India
With the help of Advanced Technology the Bank is fully computerized to render best, quick & fast service to its valuable customers
Let our Bank be the 1st towards whole era of 2nd Centenary as an unbeatable combat of Cooperative Era with bright future
