Consequesnt upon the re-organization of Madhya Pradesh State Cooperative Bank Ltd. (MPSTCDB) under Sub-Section 4(2) of Madhya Pradesh Government Ordinance No. 2000/4, the bank was registered on 30 October 2000 as a separate entity and commenced banking business w.e.f. 01 April 2001 i.e. after bifuraction of assets and liabilities betweeb MPSTCB and chhattisgarh Rajya Sahkari Bank Maryadit, Raipur(CStCB).
The Reserve Bank of India had issued license to the bank on 11 August 2010 under section 22 of the Banking Regulation Act, 1949 (As applicable to cooperative Societies) vide license No. RPCd. (RPR)05/2010-11 which specified the area of operation of the Bank as whole of India, while in terms of Bye law No. 1 the area of operation of the bank is restricted to Chhattisgarh State only.
However, the bank had not opened any branch or office outside Chhattisgarh State. The bank had also received revised license from the Reserve Bank of India vide reference No. RPCD(RPR) 05/2013-14 dated 23 July 2013. Then bank was also inclued in the second Schedule to Reserve Bank of India Act, 1934 w.e.f. 16 September 2013 vide notification No. RPCD. RCB.BC.No. 34/07.07.004/ 2013-14 dated 16 september 2013.
The accounts of the bank were audited by M/s Bamb Taori & Co., Raipur, Chartered Accountants, for the year 2012-13 and the bank was classified as ‘A’ Class in the audit and awarded 89.75 marks.
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