Teachers' Co-operative Bank

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Teachers' Co-operative Bank Ltd.

It was owing to the abounding zeal and vision of the late Sri Molahalli Shiva Rao (that great pioneer in the founding of co-operative society in South Kanara) that the teachers of Udupi Taluk met together in 1915 in Udupi for the purpose of founding a co-operative society of their own. The brave soul who, having taken his cue from Sri Molahalli Shiva Rao, took the lead in organizing the teachers’ co-operative society with very modest objectives and who rendered splendid yeoman service to it in the first view critical and vital years was Sri Shirali Subba Rao, the then Headmaster of the Board High School, Udupi. In those days the High School situated in the different towns which were Taluk Headquarters were rightly regarded as very good centres of educational endeavour and the Headmasters of these school were widely respected. So it came as no surprise that Sri Shirali Subba Rao, the then Headmaster of the board high school, Udupi, performed devotedly and effectively the part which he took on himself. Owing to his sincerity and his dedicated labour, the Co-operative Society throve well it kept obtaining a growing measure of co-operation from the teachers in Udupi Taluk.

In the beginning, a hundred rupees was the maximum loan that used to be granted to any teacher by the Society, which was indeed very understandable as the membership numbered a mere ten then, and the share capital was a mere five- hundred. After Sri Shirali Subba Rao’s years of dedicated leadership, two masterful personalities from Christian High School ( the other premier High School of Udupi then) nurtured the Society; these were Mr. L.J. Salins ( an Assistant Master of Christian High School) and Mr. A.S. Karat ( who was Headmaster of the School for some years). In course of time, the leadership swung back, as it were, to the Board high School, Udupi, and Sri K. Venkata Rao (who was Asst. Master in the Board High School) threw himself with characteristic energy into the teachers’ co-operative venture and rendered his labour of love to the Society. After him, it was given to Sri B. Shiva Rao, teacher, St. Cecily’s Convent School, Udupi, to guide the Society with distinction.

After 1965 (i.e. after its fiftieth year, which, however passed without being marked by any formal celebration of Golden Jubileee) its growth was at a very considerable rate. During this period, the late Sri K. Honnayya Shetty ( who later became the Editor of the Kannada weekly Navayuga) and Sri B. Vittal Shetty were among the more active members of the executive committee whose efforts in behalf of the Society proved so much to the purpose.

Over the years, the Society has done well not only by its timely aid to many a teacher but also by inculcating in many of the teaching fraternity ( and also in many persons outside that fraternity) the saving habit which is so vital for the growth whether of the nation or of the individual. By its comparatively attractive rates of interest on deposits, it has mopped up, as it were, deposits from many persons outside the teaching profession, and it has lent the money to those of the profession who have needed it; and it has collected on these advances to the fraternity interest at comparatively lower rates than those charged by the commercial banks.

After 1972, its growth has been very spectacular. During a short period of two years, the membership has shot up by 112%, the Share Capital by 427%, the Deposits by 984% and Loans by 612%, and investments with banks which were Nil in 1972 Now exceed two lakhs of rupees. Here is a glowing tale of growth, of a growth which is, incidentally, a measure of the success which the institution has had in wining over the sympathy, trust and co-operation of not only the teachers but also the general public.