History of the Bank
Shree Mahayogi Lakshmamma Co-Operative. Bank Ltd. (SMLC), Adoni was established in the year 12.02.1984 under the guidance and Chairmanship of Sri Raichooti Ramaiah. It was inaugurated by the then shipping & Transport Minister Late Sri Kotla Vijaya Bhaskar Reddy Garu and the then Deputy Home Minister Sri Pendekanti Venkata Subbaiah Garu light the lamps. By February 2024 the Bank has successfully completed its 40 years.
At the inception of the Bank in the year 1984 there were 1691 members with a paid up capital of Rs. 5.00 Lakhs and had deposit worth Rs. 10.00 Lakhs At present the Bank is having 15,546 Members with a paid up capital of Rs. 7.78 Crores and deposit of Rs. 258.67 Crores as on 31.01.2024.
In respect of deposit the bank stands first in Kurnool Dist. Among all the banks including National Banks.
This Bank is not only involved in financial activities but also closely associated with social, cultural and philosophical activities.
- In order to encourage student community in Adoni Town, the Bank is awarding Gold Medals around 55 Gold Medals to the toppers from 10th Standard to Post Graduation, Engineering, MBA, MCA every Year.
- Quiz competitions are conducted regularly in General Knowledge and in English Proficiency for the students from 3rd Standard to Post Graduation. Quiz competitions are held for General Public also and prizes are distributed to winners.
- Providing free Mineral water to Public.