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MAHARASHTRA STATE COOPERATIVE BANK

Jan 20, 2020 351

HISTORY:

The cooperative movement in India dates back to a period already in 1904, when the Law of Cooperatives of Credit Societies was promulgated. As far as the cooperative sector is concerned, Maharashtra is the most developed state in the country. There are hardly any people in the state who remain intact by the cooperative movement and hardly any major economic activity that is not covered by a cooperative fold. The cooperative movement in Maharashtra draws on a three-tier credit cooperative structure, at the head of which is the State Cooperative Bank of Maharashtra Limited (MSCB). At the middle level there are 31 Central District Cooperative Banks (DCCB) and at the lower level, more than 21,269 Primary Agricultural Credit Societies (PACS) are operating.

The MSC Bank serves as a balancing center for cooperative resource surpluses in the state and thus ensures its multifaceted development and prosperity. Needless to say, MSC Bank is the largest cooperative bank in the country. In addition, it is the only cooperative bank in India that has ranked nine times among the top 1000 banks in the world based on financial strength (Capital Adequacy) as periodically surveyed by The Banker. The bank is listed in Annex II of the RBI Act of 1934.

CHAIRMAN:  Manik Patil