Merchants Liberal Co-op Society Niyamita Gadag

About Us

Merchants Liberal Co-op Society Niyamita Gadag was the dream come true of Late. Chanabasappa Virupakshappa Katti and Late. Basavanneppa Gurappa Angadi of Gadag in 20-04-1965 in Gadag District, which is known for building the first cooperative society in Asia in the co-operative arena. These two great men are individually known in the business area not only to carry on their personal business, but also to realize the economic and financial hardships experienced by the small businessmen and in that direction they should continue, with the cooperation of like-minded friends under the several objectives of business development with financial strength. From 01-07-1965 he gave life to his dream. As a result Merchants Liberal Co-op Society Niyamita Gadag was started on the 1st floor of Vitthal Mandir in Gadag with only 101 members and a share capital of only Rs.5,000/-. Veerappa G Mantur served as the first manager.

With the great interest of the founders, the encouragement of the board of directors, the encouragement of the shareholders, the cooperation of the depositors and the full support of the customers, this organization achieved tremendous progress in just ten years. As a result, it was converted into The Merchants Liberal Co-op Bank Ltd., Gadag from April 1, 1976 in the orbit of the Reserve Bank of India and the bank has never looked back since then. Since then, the bank's operations have progressed year by year by making strides, which is the speciality of this bank. Keeping in view the large shareholding, credit facility for medium and small businessmen in priority sectors, the Reserve Bank of India granted a license to Bank on 10th December 1986. Thus it came under the Cooperative Societies Act and Reserve Bank of India laws.

On 9-10-1987 the office on the ground floor of Shri Vittal Mandir was shifted to the Municipal Building at Gadag Grain Market for the convenience of the customers.

As the range of services widened and the customer traffic increased, the Board of Directors purchased the present Makanagalli building and shifted the office to its own building from 1st April, 1995. A vacant plot on the eastern side of the bank was purchased with the good intention that this building should not be a hindrance to customer service in the coming days. Along with that, the service coverage of the bank was also expanded. As a result of this, the board of directors decided to open two branches, one in APMC yard in Gadag and one in Betageri to serve the customers of Betageri, with the good intention of not disturbing the customers residing in all the areas of the city after Gadag became a district. Accordingly on 11-08-2002 two branches were started on the same day at A.P.MC Yard and Betageri Palabadami Road. Similarly in February 2014 and March 2014 the Bank's 4th and 5th branches were launched at Gajendragad and Laxmeshwar respectively. Earlier in 2001, a well-equipped building of the bank was built on a plot of APMC yard purchased with the full cooperation of the board of directors and the bank had its own building there and provided convenience to the businessmen of APMC yard in Gadag. Similarly on April 2015, the Board of Directors of the Bank fulfilled the long-standing wish of the people of Betageri by constructing a well-equipped bank building at Betageri. The head office of the bank has been renovated like no other nationalized bank.

As per the mandate of Reserve Bank and meeting the requirements of the bank's customers, bank guarantee loan, salary loan, cash credit loan, loan for purchase of machinery, overdraft loan, loan on NSC, loan for purchase of vehicle, loan on warehouse receipt, Loan on property security, loan for building a house, loan on gold etc. has provided loan facilities for ten different purposes and has encouraged thousands of families by giving the interest rates of such loans at very low rates so that the members and customers are not burdened. Apart from this, it is a special fact that this bank is giving more interest than any other co-operative banks to the depositors of the bank.

The bank's membership, which started with just 101 members in 1965, today stands at around 9,310 members. As on 31-03-2023 the working capital of the bank is 171 crores 77 lakhs. Profit before tax of the bank is Rs. 3.69 crores, the net profit was Rs. 2.06 crores. Very attractive interest rates have been set for the bank's customers, 9.00 % on vehicle loan (car, personal use) and gold jewellery loan at 9.00 %, house building loan 9.40 %, CC security loan 10 to 11 % attractive low interest rates and customers should take advantage of this.

Merchants Liberal Co-op Bank Ltd., Gadag Its services are not only reserved for the banking sector but the bank has also expanded its role in other sectors of the society by donating from social concerns to mass programs, educational institutions to sports sector and religious organizations. Every year in Co-operative Week Day, the talented children of the members who have completed one year of membership and who have scored 90% and above in SSLC examination will get Rs. 2,000/- cash prize for students who have secured 90% and above marks in PUC examination Rs. 2,500/- cash prize, and B.A./B.Com/B.Sc./B..C.A., Degree and M.A./ M.Com./M.Sc./M.C.A., Master's degree with 90% marks and above for students who have passed Rs. 3,000/- incentive money has been awarded. In case of death of a member of the bank, a sum of Rs. 2,500/- to his close relatives for funeral purpose. In case of Accidental death of a member of the Bank, the Successor of such member shall be provided with an indemnity insurance of Rs. 1 Lakh as per terms agreed upon with the Janatha Accidental Policy of United Insurance Company and in case of permanent disability financial assistance shall be provided by the Insurance Company as per terms of the agreement.

In this new era of globalization, all the operations of the bank are computerized with the good intention of serving the customers quickly as per the wishes of the directors.

In 1997, all the staff of the bank were trained and it became the first urban cooperative bank to be computerized in Gadag. E-stamping system has been implemented in Betageri branch and convenience has been provided to the people of that area. For the greater convenience of the customers, Core Banking, NEFT/RTGS Service and SMS Alert service is implemented, including the Head Office, APMC Branch, Betageri, Gajendragad and Laxmeshwar Branch Offices. Internet Banking and ATM facility will be provided very soon. Area of operation as per permission in various districts like Dharwad, Haveri, Koppal, Bagalakote, Belagavi and Bellary districts including Gadag district, which is a sign of progress.

In recognition of the sincere service rendered by the bank, it was awarded as "Best Co-operative Bank of Gadag District" on 18 November 2012 as part of the 46th All India Co-operative Week at Gadag. Apart from this, it is a matter of pride that at the national level, Banking Frontiers Mumbai has bagged the first position in the state and the second position in the national level in the category of "Excellence in Customer Service" provided by them. On this occasion of stepping towards the celebration of golden year, the services of many gentlemen who have served for the all-round progress of this bank are memorable.

An efficient and enthusiastic person who has made his mark in the business arena as well as in the social, educational and political spheres, he is always an active person. The unprecedented progress of this bank under the chairmanship of Late. Shri. S B Sankannavar is a mirror of his vision. Along with him, the current chairman who is always responsive for the progress of the bank Shri. Mohan T Koti, Vice President Shri. Sharanbasappa K Kuradagi, Director Shri. S V Itagi, Shri. Vishwanath C Ramanakoppa, Shri. Mahadevayya S Dhannurhiremath, Shri. Kuberagowda S Parvatgoudra, Shri. Santhosh B Abbigeri, Shri. Panchanna C Katti, Shri. Chandrakath S Sankannavar, Smt. Shivavva K Kuradagi, Shri. Thotosa R Bhandage, Shri Sivanand H Nadavalagudda, Shri. Bailappa T Asangi, The services Professional Director C.A. of Shri Basavaraj Balageri and Shri. Basavaraj Bandakkanavar are always appreciated.

The bank has completed fifty eight years of trust and is moving forward, besides the founders and chief promoters of the bank Late Shri. C M Ramanakoppa, Late Shri. B G Angadi, Late Shri. S B Sankannavar, Late Shri. S R Palanakar, Late Shri. L S Shidling, Late Shri. C M Mantur, Late Shri. C S Shabadimath, Shri. V B Angadi, Late Shri. V D Malladad, Late Shri. V.R. Bhandiwad, Shri. H V Shanabhogar, Late Shri. J B Kataraki, Late Shri. Srishailappa M Beleri, Shri. V G Shettar, Shri. M S Beleri, Late. Shri. S K Abbigeri, Late Shri. Rajashekhar Shirur, Late Smt. K R Pattanashetty, and Late Smt. Sumangala N Hosamani, all their services are memorable.

The retired managers of the bank. Late Shri. V G Mantur, Shri. G B Angadi, Shri.B R Patil, Shri. B C Katti, Smt. Mala B Hosmani and Shri. M K Honagudi's service for the development of the bank during their service period is always memorable. In addition to this who is working honestly and faithfully with friendly cooperation with the customers, General Manager Shri. Raju L Koti, Head Office Manager Shri. Manjunath A Sankannavar, Accountant Smt. Parvati C Hubballi, Betageri Branch Manager of Smt. Deepa B Indi, A.P.M.C. Branch Manager Shri. Prabhakar C Challamarad, Gajendragad Branch Manager Shri. Ashoka Y Asangi and Laxmeshwar Branch Manager Shri. Mahantesh S Maski and all the staff of the bank, pigmy collectors, especially customers, depositors, shareholders, would be wrong if we do not congratulate everyone.

In the coming days, the bank will develop more and more efforts will be made to provide more services to the customers by opening many branch offices.