India has some of the best banks with a strong reputation and interesting history. KDCC is a well-known bank in the country with an interesting story. Before knowing the story of the bank, it is necessary to know the KDCC bank full form. The full form of KDCC is Kodagu District Co-operative Bank.
Every state in India has a District Central Co-operative Bank (DCCB). The president of the bank is elected by the directors and members. Read this blog to learn about KDCC and its foundation story.
Incorporation story of KDCC
Kodagu District Co-operative Bank was founded in 1921 and started operating in 1922. It was formed by a group of co-operators, officials, and non-officials. This bank started with 45 co-operative societies and 16 individual members with a share capital of INR 4400 and a deposit of INR 10000.
This bank has shown a great progress in the area of Co-operative banking activities. KDCC was the 2nd district cooperative central bank to obtain a license from RBI in 1995.
Sponsorship of KDCC
In early 1990, the cooperative banks had to face many challenges. But KDCC had received sponsorships from NABARD. Due to this sponsorship, the bank provides various services to the customers. Some of the popular services offered by KDCC bank include SMS, RTGS/NEFT facilities, Mobile Banking services, ATM cards, and others.
NABARD guidelines aid the farmers can enjoying various benefits. They also help the customers to enjoy the Modern banking system through the official bank website and mobile app.
Major functions of KDCC
We discussed KDCC bank full form in the above section. Now, let us discuss the major functions of the bank in this section:
- KDCC helps the farmers make agriculture easy
- It provides funds to the co-operative societies in the district
- KDCC serves as a link between the State Co-operative Bank and the Credit Co-operative society
