On 8.11.1936, a meeting of members was held and the Registration Certificate and the Byelaws/Rules and Regulations of the bank was read and recorded. 12 members, who were activity involved in the formation of the bank were given shares of the bank and an amount of Rs.80/- was collected as initial Share Capital.
Dr. K.N.Sharma and Dr. N V Upadyaya were unanimously elected as President and Secretary of the Bank. Sri Kadri Anand Rao, Sri B Bhavani Rao and Sri A. Krishna Rao were elected members of the Board of Directors.
The area of operation of the Bank was 5 miles in and around Mangalore City Corporation. However, due to increase in the number of members, upon request from the Bank, the area of operation of the Bank was extended to D K District during 1940.
It was in 2008, the bank was renamed as a Society under the co-operative societies act and hence the name of the organization was changed from bank to Sahakara Sangha and accordingly, the Organization’s name was changed to “Shree Subrahmanya Sahakara Sangha Ltd.” with License No.366.
Since 2nd year of its inception, the Sangha is giving dividend to its member’s. The branches and the business of the Sangha were increased to many folds, since its inception.
With the passage of time, Sangha has expanded its activities to extend the helping hand to the members, residing outside Mangalore and opened branches at Puttur, Belthangady, Surathkal, Karkala, Sullia, B.C.Road and Vittla.
At present with the network of 8 branches, Sangha is having a business turnover of more than 100 cores. All the developmental activities are through self generated funds and Sangha has not gone for external financial assistance for its business development.
True to its main objectives, Sangha is conducting its business as envisaged by the founders, way back in 1935.
To mobilize, deposits from the members and encourage savings habits and self dependence.
• To provide loan assistance to the needy members for their genuine needs.
• Acting as agents to purchase in bulk the house hold other needy articles to its members.