M.P. State Coop. Bank Ltd. had been registered on 02/04/1912 (Under Cooperative Act 1912, dhara 2) at Jabalpur naming “Provisional Cooperative Bank Ltd. Central Provinces brar”, later on its Head Office has been transferred to Nagpur. Bank has started its operations with the initial capital of Rs.5.00 lakhs aiming to provide finance in the field of Agriculture. Earlier individual shareholders were nominated as the representatives on the board of the Bank, to provide the democratic status to the Bank; maximum share has been transferred to cooperative societies and District Central Cooperative Banks, which started a movement to form a Board of Apex Bank with the representatives from
Members Cooperative Institutions.
In the year 1956 Madhya Pradesh Cooperative Bank Ltd. Nagpur has been divided and came into existence as “Mahakaushal Coop Bank“, Jabalpur with the affiliations of 14 District Banks. With the reorganization of the Indian state in the year 1956 and formation of new Madhya Pradesh state on 01 Nov, 1956 “Mahakaushal Coop Bank “ has been renamed as “M.P.Rajya Sahakari Bank Mydt. “ ( M.P.State Coop Bank Ltd.)expanding their working with 56 District Central Coop Banks simply on the basis of one district one bank rule the number of District Central Coop. Banks come to 52 in 1956,48 in 1961,44 in 1966,43 in 1968 and finally 45 after division of “Bhopal District Central Coop Bank,“and Raisen District Central Coop Bank.” again in November 2000 after the division of Madhya Pradesh State and formation of New Chattisgarh State 7 Districts Central Coop Banks has transferred to the new state and rest 38 districts Central Coop Banks has been remained with “Madhya Pradesh State Coop Bank”.
M.P.Rajya Sahakari Bank Mydt.(Apex Bank) is a premier organization providing long term, medium term and short term Agriculture finance in the state with help of NABARD through District Central Coop Banks and Primary Agriculture Credit Cooperatives Societies (PACCs)to farmers & different strata of the society in order to the fulfill their financial requirements.Apex Bank is operating with their
20 Branches in the state serving through the attractive Loan and deposit schemes. Apex Bank is playing a pivotal in the field of providing rural finance in the M.P.State providing Agriculture/Non-Agriculture Loans and Advances with the help of NABARD under various schemes also offering commercial loans to customer under the Loan portfolio such as Consumer Loans. Housing Loan,Higher Education Loan, Project Loan, Vehicle Loan etc. to name a few.
Agricultural Loans and advances provided by Apex Bank are: -
- ST (SAO)Production Loan.
- Oilseed production programme.
- Credit Limit for Oilseeds.
- Credit Limit for Development Tribal Population.
- ST Credit Limit for the other Crops.
- Medium Term Conversion /Rephasement Loans.
- Disbursement of Loan to small Marginal Farmers.
- Fertilizer Cash Credit limit.
- Kisan Credit Card scheme.
- Integrated Rural Development Programme/ Swarnjayanti gram Swarojgar(SGSY)
Financing for Purchase of Shares of Industrial Coop Units.
Finance for Distribution of Chemical Fertilizers.
Finance for Working Capital.
Financing of Agro-Industrial Coop Units.
C.C. Limits for procurement & marketing of agriculture Produce.
Financial Accommodation for Public Distribution Scheme.
Financial for working Capital Requirements of Coop Processing Units.
Financial Accommodation for Weavers & Ind Coop Units.
Financial Accommodation to Cooperatives and other institutions.
Loans against Pledge Ornaments.