MAHARASHTRA STATE COOPERATIVE BANK was originally registered as The Bombay Central Co-operative Bank Ltd. in 1911. Bombay Central Co-operative Bank Ltd. became known as Bombay Provincial Co-operative Bank Ltd. in 1923, which was known as Bombay State since 1952. Recognized as Co-operative Bank.
The origin of the cooperative movement in India dates back to early 1904, when the Co-operative Credit Societies Act was enacted. Maharashtra is the most developed state in the country. There will be hardly any village in the state which has remained untouched by the cooperative movement and hardly any important economic activity which does not come under the purview of cooperative. The cooperative movement in Maharashtra is fueled by a three-tier cooperative credit structure, with The Maharashtra State Co-operative Bank Limited (MSCB) at the helm. At the middle level there are 31 District Central Cooperative Banks (DCCBs) and at the lower level, more than 21214 Primary Agricultural Credit Societies (PACS) are functioning.
MSC Bank acts as a balancing center for the surplus resources of the co-operative societies in the state and thereby ensures their multi-dimensional development and prosperity. MSC Bank is the largest co-operative bank in the country. It is the only co-operative bank in India, which is 9 times among the top 1000 banks in the world on the basis of financial soundness (capital adequacy) as per the survey conducted by ‘The Banker’ published from London from time to time. This bank is listed in Schedule II of RBI Act 1934.