About Us

Sri Bhagavathi Co Operative Bank Ltd.

"Courtesy of Publication"

The undivided district of Karnataka State was known as the "Cradle of Banks". As businesses grew, financial institutions were developed. While the commercial banks of the district were catering the needs of Industrials, the cooperative banks met the financial needs of the farmers, labourers and small traders of the district. There were about 11 town cooperative banks doing business in the then undivided district.

On 24.10.1976 at Mangalore Jeppu Under the leadership of Shri. J. Jagannath, a meeting of Thiya Samaj (Malayali Billava) was held in Mangalore, and it was decided to start an organization to provide financial facilities to the Thiya Samaj community who are the most backward sections of the society. About 54 members participated in this meeting.

In the month of October 1977, "Sri Bhagavathi Shreyobhivrdhi Cooperative Society" was registered with 224 members and a share capital of Rs:34,500/-. The first meeting of this cooperative society was held on 30-10-1977 at Bikshu Lakshmanananda Sabha Bhavan. In this general meeting, Shri J. Jagannath was elected as the President.

In 1984 Sri Bhagavathi Shreyobhivriddhi Sahakari Sangh® was converted into an urban Co-operative Bank as per Reserve Bank of India Act. Later on, it grew and expanded the bank's branches.

i.e., 09/03/1980 Thokottu Branch, 11-07-1993 Kankanady Branch, 03-03-1990 BC Road Branch, 11-06-1997 Kaikamba Branch, Market Road Branch on 11/07/1999, Vittal Branch on 13/10/2000 and on 28-03-2024 at Puttur Branch, thus total 8 branches were started.

All these years the banks continued on the path of growth, making profits and responding to customer problems.

Growth:

  • In 1977, there were 224 members and a share capital of Rs. 34,500/-
  • 1409 members in 1987 and a share capital of Rs.6.15,000/-
  • 3018 members in 1997 and a share capital of Rs.16,87,000/-
  • 11504 members and share capital of Rs.1,42,22,000/- in 2007.
  • In 2017 there were 19466 members and share capital of Rs.3,84,57,000/-
  • In 2024, 21,750 members and an increase of Rs.4,45,43,000/-.
  • Currently there is a deposit of Rs.11,36,59,000/- in the bank and Rs. 75,50,07,000/-. Loans & Advances to members.
  • Not only has the bank been classified in Tier 2 in the Reserve Bank of India's review, it has also been considered a good financial institution.

Facilities available to customers:

  • 3% to 8.60% interest is paid on deposits in the bank. 0.5% extra interest is given to senior citizens. 0.5% higher interest is also given to women for deposits of more than 3 years.
  • Dividends are paid out of the bank's profits for equity capital.
  • Home loan, security loan, car loan, gold jewelery security loan and salary based loans are provided quickly.
  • Gold jewelery deposit loan is given at 4800/- per gram.

Customer Honour:

The customers who have kept more deposits in each branch of the bank, the customers who have borrowed and paid back on time will be honoured in the annual general meeting of the bank.

Scholarship:

Scholarships are awarded to the children of members & staff members who score well in their annual examination.

Other facilities:

  • "Yashasvini Arogya Card" "PAN Card" facility is available.
  • Customer account transaction information will be provided through SMS.
  • Funds are transferred through NEFT / RTGS for members, customers.

Sri Bhagwati Co-operative Bank, which has gained popularity in Mangalore, has opened its 8th new branch at the first floor of the Mahadevi complex building in Elludi, Puttur, on 28-03-2024. Responding to the aspirations of the people here, in the near future Sri Bhagavathi Co-operative Bank will expand our branches, with digital standards with the love, trust, and cooperation of all of you.