Mysore Silk Cloth Merchants Cooperative Bank registers Rs 1,300 cr annual turnover


Bengaluru, Dec 30 (UNI)- The Mysore Silk Cloth Merchants Cooperative Bank Limited has crossed a shareholder strength of more than 6,000 and an annual turnover of Rs 1,300 crore per annum, according to the bank president NS Srinivasamurthy.

Like other banking institutions across the country, the bank is also set for a rapid growth and expansion plans, he said.

It has also been upgraded with time and the goal of expanding the service to the general public at large aims to open its branches in every district and taluk across the state and provide service to lakhs of citizens every year, Srinivasamurthy said.

A unanimous decision also has been taken to change the name of the bank to Vasavi MSCM in the general body meeting of the Karnataka Cooperation Department and Reserve Bank of India the same has been approved by the Karnataka government, he said.

From 1 January 2024 onwards, the Mysore Silk Cloth Merchants Co-operative Bank Limited will work as Vasavi MSCM Co-operative Bank Limited, Srinivasamurthy said.

The name change will be announced through a public event tomorrow where the bank’s new name function will be unveiled by Sri Sachidananda Saraswati Swamiji of Sri Vasavi Peetham, Malleshwaram, Bengaluru will inaugurate the event, and grace the occasion.

Sri Ramalinga Reddy, Karnataka Transport and Muzrai Minister will unveil the new name of the bank. Cooperation Minister KN Rajanna will launch the new logo of the bank on this occasion.

Bengaluru Central MP and BJP leader PC Mohan will launch a special scheme of the bank Vasavi Deposit.
The bank is the brainchild of KCS Raman and Sri Bhagwandas who set up this institution in 1968. It started with the dream of the welfare of silk fabric manufacturers. As of today, it has served over 9 lakh customers.

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