KOLLAM: The platinum jubilee celebrations of the Kollam Cooperative Urban Bank will begin on June 15 with Union Minister of State for Home Affairs Mullappally Ramachandran as the chief guest. President of the bank C.V. Padmarajan said that year-long jubilee celebrations will be inaugurated at a function on June 16 by Minister for Cooperation G. Sudhakaran.
The bank began its operations 75 years ago after being registered under the Travancore Cooperative Act as the Kollam Taluk Cooperative Bank. In 1955, when district cooperative banks were established, the bank had to restrict its operations within the limits of the Kollam Municipal town. Mr. Padmarajan said that the bank today had seven branches.
At present, the bank has 34,542 members, a share capital of Rs.4.04 crore, deposits of Rs.166 crore and loan advances of Rs.93 crore. The bank, which began operations from a rented premise has its own building now. The bank is making profits and pays its members an annual dividend of 10 per cent.