AGS Bank

History of the Bank

The Bank which was established as society in 1954, was inaugurated on 28th January 1954 by Sri. V. Narahari Rao, the first C&AG of India. It was then converted into as a bank in the year 1996.

The formation of the Society was the result of hard work and vision of some dedicated individuals who were interested in helping out the financial needs of their colleagues.

During the year 1954, when residential layouts were being formed at Jayanagar and Rajajinagar, the officials faced a financial crunch. With the noble thought of granting financial help, a Society was formed with an initial deposit of Rs.8,000/-. Out of this, an amount of Rs.5,000/- was sanctioned as loan. With this small beginning, the Society came into effect and the number of members grew to 326 in the year.

The Society was inaugurated at the Sir. M Vishweshwaraiah College and Sri. M Neelakantaiah was the first President of the Bank.

The Society was able to procure 90 sites at Jayanagar and about 60 sites in Rajajinagar at the rate of Rs.6/- per sq yard in the year 1956-57. With the help of the State Government and Public Deposits, the Society was able to finance both the layouts and help the members to purchase the site and construction of their houses.

Later the Society acquired status as a Bank from the Registrar of Co-Operative Societies and Reserve Bank of India.

Presently the number of members of the bank as on 31st March 2021 stands at 1324. Most of the officials of the Indian Audit and Accounts Department working in Bangalore are drawing their Pay and Entitlements through our Bank.

Now for a trip down memory lane :

• The 1st General Body and the 1st Board Meeting of the Society was held on 1st February 1954.
• The no. of registered members was 76 when the Society was formed.
• The maximum loan amount sanctioned to a member was Rs.300/- and the rate of interest was 5%p.a.
• Loss incurred during 1953-54 : Rs.439.60

Progressive Comparative Position