In India the Co-Operative Act was first created in 1904 and then passed again in the year 1912 as the Cooperative Act which led to the formation of the Central Co-Operative Banks and the States initiated the formation of various Co-Operative Banks. In year 1915 the first District Co-Operative Bank was founded in Gola Gokarnnath, but this institution failed due to some reasons.
On 22/12/1923 our district’s great personality Honourable Pandit Sankata Prasad Bajpeyi bonded the progressive farmers, reputable lawyers, eminent persons of our Districts by sense of Cooperativeness and with the help of many farmers and people collected an amount of Rs 15000.00 and through 10 to 15 accounts collected Rs 25,000.00 for working capital to set up the bank.
In the beginning the bank faced several financial problems, during which the bank received continued support of the city's public. Just as a small seed gradually assumes the form of a giant tree, in the same way the bank grew gradually day by day. In 1949, Bank completed its first Silver Jubilee (25 years) with flying colours. In coming years, the bank accepted the 1954-55 provincial supervision. In 1965, the new Co-Operative Act was passed after which the bank progressed continually. In 1973, Bank celebrated its Golden Jubilee and in 1998, celebrated its Diamond Jubilee. The phenomenal progress of the Bank from 1923 to 2014 is shown in the following brief table:-
| S.No. |
Description |
Year 1923 |
Year 2014 |
Year 2015 |
Year 2016 |
Year 2017 |
Year 2018 |
| 1. |
Share Capital |
0.15 |
2699.94 |
3150.82 |
3583.80 | 3923.62 | 4102.71 |
| 2. |
Reserve Fund |
_ _ |
11504.91 |
12124.38 | 12797.72 | 13729.58 | 14286.17 |
| 3. |
Owned Capital |
0.15 |
14204.85 |
15275.20 | 16381.52 | 17653.20 | 18388.88 |
| 4. |
Deposits |
0.10 |
96365.96 |
101481.11 | 113074.53 | 131409.41 | 137255.85 |
| 5. |
Borrowings |
_ _ |
50687.03 |
61345.89 | 57893.33 | 48570.54 | 39913.32 |
| 6. |
Working capital |
0.25 |
165947.71 |
182615.69 | 192192.95 | 203027.37 | 198054.24 |
| 7. |
Net profit |
_ _ |
727.43 |
830.92 | 928.38 | 714.42 | 120.90 |
| 8. |
Branches |
1 |
62 |
62 |
62 |
62 |
62 |
| 9. |
No. Of Employees |
1 |
354 |
355 | 411 | 392 | 382 |
In 1995, the Reserve Bank of India granted license to the Bank for doing business in Banking Sector. The most prominent feature of our bank is that, since its inception date the Bank has always been in Profit.
Bank’s progress and development is made possible by our hardworking representatives of the people, by the guidance of the departmental officials, by smooth transmittal and bank personnel’s integrity and sweat. Currently all the Branches of the Bank have been computerized as a first step toward modern banking. The Bank is working on CBS Platform. RTGS and NEFT are operational for instant fund transfer facility throughout the country and as well as ATM’s are being operated.
