The Himachal Pradesh State Co-operative Bank Ltd

The Commercial Banks were operating for the years, but it was being felt that these banks were not paying necessary heed to the credit requirements of common masses. Further the commercial banks, were mainly concentrating their business in the urban areas and the banking facilities to rural people were not available.Consequently, the Co-operative Banks came into picture after 1904. Himachal Pradesh has the distinction of having first Co-operative Society registered in India. Co-operatives were primarily visualized as specialized agency for financing the credit requirement of rural people in the country particularly agriculture.In Himachal Pradesh at the time of attaining independence of India, The Mahasu Central Co-operative Bank Ltd., The Mandi Central Co-operative Bank Ltd. and The Chamba Central Co-operative Bank Ltd. were functioning to cater the needs of farmers. In 1953, The Himachal Pradesh State Co-operative Bank Ltd. was established after amalgamating these three Central Co...