Mangaluru: Mangalore Co-operative Town Bank Ltd. was honoured for completing 104 years in service to society at the national conclave of the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) on Thursday June 23 in New Delhi. The event was inaugurated by Union Minister Amit Shah.
Speaking to NewsKarnataka M. N Pai, one of the Board of Directors of the bank said, “The award was given in recognition of the banks’ contributions to the Mangaluru community. It is also a recognition for sustaining for more than 100 years, which is very rare. We feel proud and happy for receiving this honour.”
He further said that both over the phone and on social media, the bank’s customers have been appreciating the bank for receiving the award. “We have planned a press meet with the entire Board of Directors and President CA B. H. Nakul Pai very soon,” he said.
Pai also said that the bank had its own challenges in the initial years. “Karnad Sadashiva Rao, an Indian freedom fighter, founded the bank. Although it wasn’t initially founded as a bank, it served as a cooperative society that catered to people’s needs. We subsequently received the RBI’s license to run as a full-fledged bank. We are controlled by RBI, Co-operative and Government. Presently, we have more than 10,000 customers and 100 Crore in deposits. Overall we do a 180 Crore business.”
He said that the bank’s performance earned it an “A Class” rating from the Co-operative Societies. RBI too visits us once every two years as per their inspection norms and we receive one of the highest ratings for the service we provide,” asserted Pai.
