Established as Udupi Co-operative Society in the year 1912, The Udupi Co-operative Town Bank was founded by a Supreme personality Late Shri Bahaddur Haaji Abdulla Haaji Kasim Saheb Bahaddur (Who is also the Founder of Corporation Bank). He was the Founder President of the Bank. Shri. Molavalli Shivaraya, a well-known cooperative personality who has been called as the Father of Co-operative movement in the un-divided South Canara District has supported for the uplift of our bank. In the earlier days our bank was called as “Moodanidamboor Sahakara Sangha” in routine, since it was situated in the Moodanidamboor village of Udupi town.
The Silver Jubilee celebrations our bank was held on 19th December 1937 before independence of our country. The function was celebrated in a majestic way in the Prestigious Presidency of then Sub-Collector of Kundapura Shri T.Vargheese Eskayar. The Udupi Co-operative Society surprised everyone in the early days of co-operative movement by successfully completing 25 years of service to the society.
In the meantime there was a cooperative society called as Shivalli Primary Co-operative Society which was established in Udupi the year 1912, was merged with our society under the Central Act on 22-7-1938. After the merger our society was named as The Udupi Co-operative Town Bank under the License No: 2516 with the authorized share capital of Rs.15000.00. Then under the Madras Act no: 6 of 1932 the bank got the License no: 445 on 25-10-1941. Senior Advocate Sri K. Gururaja Rao was elected as the First President of our bank and took charge. It was a memorable term of Sri K Gururaja Rao in the history of our Bank, who have served as president of the bank and worked for the progress of our bank in the cooperative sector.
In the year 1981 Bank was come under the control of Reserve Bank of India, which was a Milestone in the history of our bank. At that time the share capital was under 1 lakh. Reserve Fund was 3.36 lakhs, Deposits 42.43 lakhs, Loans and Advances was 70.39 lakhs and Investments of the bank was 12.39 lakhs. After coming under the Banking Regulation Act of Reserve Bank of India, bank has got the License, achieved the progress in a rapid way.
The bank was opened a Doddanagudde Branch at Gundibailu in the year 1993 which was the first branch to fulfill the programs and plans implicated at the time of its Golden Jubilee Celebrations which was held in the year 1988. In the year 1998 The Bank inaugurated its Own Business premises in the 1st and 2nd floor of Baliga Arcade Vidyasamudra Marga, Udupi, where the Main branch and Head office of the bank is situated. After that the bank has opened 8 other branches in Saligrama, Nadsal (Padibidri); Kinnimulky, Perdoor, Katapady, Hebri, Kunjal and Belman.