About Bank

The Bank was registered on 10th November 1915 under the name and style of “The Mysore Provincial Cooperative Bank Limited,” under the Mysore Co-operative Societies Act of 1905. Then , the Bank was not an Apex institution, as it was not exclusively meant for financing the co-operatives in the then State of Mysore. Another Bank called the Bangalore Central Co-operative Bank Limited, Bangalore (which was later converted into an urban bank), which was registered in 1905, was also financing the co-operatives. The bank owes its origin to Sri. M.A. Narayan Iyengar, B.A., B.L., who was the Registrar of Co-operative Societies at that time.

The Bank was founded with the objective of financing, inspecting and supervising the co-operative societies in the Mysore State. Subsequently, several district co-operative central banks with the jurisdiction of a district were registered. Five such district central banks were started. But their working was not satisfactory and they became defunct. As such, the provincial bank started financing the societies directly. Besides granting of loans, the Bank served as an outlet for investment of the surplus finds of the co-operative societies in the State. The Bank thus acts as the balancing centre of the Co-operative Movement in the State, safeguarding its interests.

At the time of inception of The Mysore Provincial Co-operative Bank, there was also another co-operative organization, The Bangalore Central Co-operative Bank, which was working on similar lines. This was an anomaly, which led to mutual competition unnecessarily in the matter of financing of co-operative societies. In order to remove this anomaly and to have only one institution as an Apex institution exclusively for financing the co-operatives in the State, the Government appointed an Enquiry Committee known as the Mysore Co-operative Enquiry Committee, 1920-22 presided over by Mr. Lallubhai Samaldas and the Committee after reviewing the position of these two banks, made the following three alternative recommendations to the Government:

• To amalgamate the Mysore Provincial Co-operative Bank and the Bangalore Central Co-operative Bank.
• To create a new Apex Bank.
• To convert the Central Co-operative Bank into an urban bank dealing only with the individuals and to reorganize the Provincial Co-operative Bank into a new Apex Bank.

During the year 1956-57, States were reorganized on linguistic basis and the new Mysore State with 19 districts came into existence. Since there were District Cooperative Central Banks in all the integrated districts, all the District Cooperative Central Banks came under the jurisdiction of Apex Bank. Further the State Government notified the Apex Bank as the State Cooperative Bank for the entire state and with the expansion, the responsibility of the Bank increased considerably. The Bank stopped financing of primary societies directly. The membership and share capital held by primary societies in Apex Bank was transferred to the respective District Cooperative Central Banks. There was all round progress in the cooperative movement with the reorganization of the State and also in all spheres of activities of the Apex Bank like share capital, reserves, deposits, borrowings, lending, profit etc.

Contact Details

Address:

Administrative Office
No.1, 'Uthunga', Pampa Mahakavi Road, Charmrajpet,
Bangalore, Karnataka , India - 560018

Telephone: 080-26678324,080-26679424

Fax: 080-26628521

Website: http://karnatakaapex.com

Courtesy: karnatakaapex.com