History

LIC Employees’ Co-Op. Bank Ltd., Udupi was earlier registered in the name of “LIC Employees Co-op. Society Ltd.,” Udupi on 01-09-1962 under the leadership of Late Sri M L Kini and Late Sri I S Rao. Initially, the jurisdiction of the society was limited to undivided South Kanara, Coorg, Shivamoga and Chikmagalur Districts. Gradually, the Society has continued to register a steady growth in business and earnings, the then management of the bank realized the vital need of the Society to extend its area of operation as well as to obtain Banking License from Reserve Bank of India so as to carry Banking business. Speaking to the need of issue in its own style with deep faith, vision, optimism & entrepreneurial skill the management achieved its dream by obtaining Banking License from RBI in 1971 under the Title “LIC Employees’ Co-op. Bank Ltd., Udupi”. Simultaneously, the bank has also obtained the permission to extend its area of operation covering all present branches under LIC Divisional offices of Udupi, Dharwad, Raichur , Belgaum, Shivamoga as well as Coorg Branch of Mysore Divisional office . Further, the continuous effort of then President Late Sri. P A Shredhar Shenoy and Vice President Sri. B R Kumar enabled Bank to introduce a specifically designed more meaningful “ LOGO” with in scripted word “ L.I.C EMPLOYEES’ CO-OPERATIVE BANK LTD” as well as a short cut familiar identical name as “LICO Bank”.

Realizing the need of full pledged Banking service to the Members/Customers of the Bank, the then President Sri. R C Nayak, achieved a commendable feat by obtaining Banking Business license from RBI on 20-08-1982.

While registering unprecedented growth for past 1½ decades a renowned personality in administration and planning the then President Sri. P A Sreedhar Shenai with team of Board of Directors achieved a milestone in the history of the bank by purchasing 0.37cents of land for bank’s premises in the heart of the city on 19-05-1977 and on 30-06-1978 the Bank switched its business operation from “Ramanjaya building” old post office road, to its own office premises at Catholic Centre Udupi.

Thereafter, realizing the need of Banking Service to the members of remote area of Bank’s jurisdiction, the then Board of Directors under the chairmanship of Sri. T Angara, vice president H Sunder Shetty and Executive Director Sri. M K Sanil achieved the goal by opening its 1st Branch on 18-11-1991 at Dharwad LIC Divisional Office building, college road, Dharwad. The Bank is very grateful to the Management of LIC for the provisioning of office accommodation. The remarkable co-operation extended by the Members/Customers of Dharwad has inspired the local directors/Branch Control Committee members to dedicate themselves in the overall growth performance of the Bank to a new height for which we are very grateful.

With the objective of adopting the path of modernization and to ensure comfort banking atmosphere to the customers, the then President of the Bank Late Sri. G Sudhakar Rao & Late Sri. Karnunakar U Kaup took the initiation to construct a new office building and the said new office building was inaugurated on 16-07-1999 by Sri K V Ranganathan, the then Senior Divisional Manager, LIC of India, D O Udupi.

Realizing the necessity of convenient Banking hours to the working-class members, the concept of evening counter was first introduced in our bank in the early year of 1971, which was achieved a great success. Thus, the very purpose of CO-OPERATIVE movement enabled the bank to bring together all the serving class LIC Employees’ under one Umbrella of “ LIC EMPLOYEES’ CO-OPEATIVE BANK LTD., UDUPI” by facilitating them with all banking needs.

Behind the successful growth story of the bank, the unparalled, dedicated service, honest and selfless efforts put in by our Ex-presidents, Vice-Presidents, Executive Directors, Board of Directors, Secretaries and as well as Ex-employees of the bank are always rememberable.

Lastly, the management place on records the overwhelming support extended by our members/serving and ex-employees of LIC and vast clientele of bank to achieve overall success and thereby enable the bank to sustain “A” grade audit classification since inception.