Madhya Pradesh State Cooperative Bank Limited (Apex Bank)

The Madhya Pradesh State Cooperative Bank Ltd. was registered on April 2, 1912, in Jabalpur under Section 2 of the Cooperative Act of 1912 under the name 'Provisional Cooperative Bank Ltd. Central Provinces.' Subsequently, the bank's headquarters were shifted to Nagpur. The bank commenced its operations with a meager capital of 5.00 lakh rupees, with the primary objective of providing finance for agricultural loans. Initially, individual shareholders were nominated to the bank's Board of Directors to give the bank a democratic character. In the future, the maximum shares collected by the bank were transferred to cooperative societies and district central cooperative banks so that institutional representatives could be included on the bank's board.

As a result of the division of the Madhya Pradesh Cooperative Bank Ltd., Nagpur in 1956, the Mahakaushal Cooperative Bank, Jabalpur was formed. This led to the association of 14 District Central Cooperative Banks. In the same year of 1956, due to the reorganization of states in India, the state of Madhya Pradesh was formed on November 1, 1956. Coinciding with this, the Mahakaushal Cooperative Bank was renamed as "Madhya Pradesh State Cooperative Bank Ltd." (M.P. State Cooperative Bank Ltd.).