History
The Madhya Pradesh State Cooperative Bank Ltd. was registered on April 2, 1912, under Section 2 of the Cooperative Act of 1912, in Jabalpur as '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 lakhs, 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, most of the 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.
In 1956, due to the division of the Madhya Pradesh Cooperative Bank Ltd., Nagpur, the Mahakaushal Cooperative Bank, Jabalpur, was formed. As a result, 14 District Central Cooperative Banks were affiliated with it. In the same year, 1956, due to the reorganization of states in India, the state of Madhya Pradesh was formed on November 1st, 1956. Simultaneously, the name of the Mahakaushal Cooperative Bank was changed to "Madhya Pradesh State Cooperative Bank Ltd." (M.P. State Cooperative Bank Ltd.). Subsequently, 56 District Central Cooperative Banks were opened in the state with the objective of having one bank in each district. The number of district banks decreased from 52 in 1956 to 48 in 1961, 44 in 1966, and 43 in 1968. Finally, the number reached 45 after the separation of Bhopal and Raisen districts. In November 2000, the state of Madhya Pradesh was again divided to create the state of Chhattisgarh, and 7 District Central Cooperative Banks operating in the region were transferred to the newly formed state of Chhattisgarh. Therefore, currently, 38 District Central Cooperative Banks are operating in the state of Madhya Pradesh.
Profile
Madhya Pradesh State Cooperative Bank (Apex Bank) It is a specialized institution and provides long-term, medium-term, and short-term agricultural loans to farmers and other rural communities in the state through district banks and primary agricultural credit cooperative societies with the assistance of NABARD, as per their needs. The apex bank itself has 24 branches operating throughout the state, offering various attractive loan and savings schemes. The primary role of the apex bank is to provide agricultural and non-agricultural loans to people in rural areas of Madhya Pradesh under various NABARD schemes, as well as providing personal loans such as business loans, housing loans, festival loans, education and higher education loans, project loans, vehicle loans, etc. to customers.
The agricultural loans and advances provided by the Apex Bank are :-
1. ST (SAO) Loan
2. Oilseed Production Program
3. National Program for Pulses Development
4. Credit limit for the development of the tribal population
5. Credit limit for ST other crops
6. Medium-term conversion/emphasis loan
7. Distribution of loans to small and marginal farmers
8. Fertilizer Cash Credit Limitा
9. कFarmer Credit Card Scheme
10. Integrated Rural Development Program / Golden Jubilee Rural Self-Employment Program (SGSY)।
Non-Agricultural Finance :
1. Financing for the purchase of shares in industrial cooperative units
2. Finance for the distribution of chemical fertilizersत
3. Financing for working capital।
4. Finance of agro-industrial co-operative units.
5. CC Limits for purchase and marketing of agricultural produce.
6. Financial accommodation for Public Distribution Scheme.
7. Financing for working capital requirements of co-operative processing units.
8. Financial accommodation to weavers and industrial co-operative units.
9. Financial accommodation to co-operative societies and other institutions.
10. oan against pledged ornaments.
11. Loan against FDR/KVP/NSC/RD
Deposit schemes:-
1. Saving bank deposit
2. Recurring deposits
3. Current Deposit
4. Term deposit
5. Flexi deposit
6. Senior Citizen Fixed Deposit
7. tax saving term deposit
अन्य सेवाएं और सुविधाएं :-
1. NEFT / RTGS / IMPS Services
2. Locker Facility
3. SMS Services
4. Demand letter
5. ATM Services
6. Other general banking services
Accounts and services can be opened/ availed by completing the prescribed formats.
for more information, please contact to our nearest branch