Since from a long period of time India has remained as an agriculture oriented country. And today also India’s economy mainly depends upon agriculture. With a view to solve the problems of agriculturists, many committees were formed and finally in 1904 first Co-operative Act was passed as per the recommendation of Royal Commission. As per the act, rural and urban patpedhies were established but there was a need to establish Central Finance Agency to provide finance at reasonable rate of interest in order to motivate the rural development. And accordingly as per Maclagon Committees recommendation, it was decided to establish Central Cooperative Banks with responsibility of providing finance to agriculture in 1915. The issue of establishing Central Cooperative Bank was discussed in the meeting held at Pandharpur on 11th September 1917. Accordingly in March 1918, 12 members and representative of 5 societies applied for Registration and in March 1918 the Registrar of Cooperative Societies Mr. U. Back registered the society.
The 1st General Meeting was conducted under the Chairmanship of Honorable Collector Mr. M Symcox. Bank started on 8-03-1918. The managing board was elected and the actual functioning started on 27-3-1918 after the meeting. The first chairman of the bank was Late Mr. R.B.G.K.Sathe. The bank started its functioning with capital of Rs. 1.00 lakh – The area of operation of the bank was whole Solapur District.
Despite stiff competition from the Nationalized and Urban Cooperative Banks, the bank has maintained its business share in the District and acting as the main Central Financial institute in the District and particularly for rural people. Since last 100 years, the bank is rendering remarkable services to it s members and depositors. As a Central Financing Agency in the District, The District Central Cooperative Bank is the platform on which the cooperative societies in the District use to maintain their reserve fund deposits and others, besides which the SLR investment in the form of deposits are being kept with the DCC Banks by the Urban Cooperative Banks. The DCC Banks are representing the Cooperative Institution in many ways , for urban cooperative banks the clearing sub member facility is being given by the DCC bank besides which the DCC Banks are providing loan to various on lending cooperative institutions.
The DCC Banks are the backbone of the agriculture finance in the country. The Central Cooperative bank occupies a position of cardinal importance in the cooperative credit structure. They form an important link between the Apex cooperative bank and the Primary Agricultural Credit Societies. The success of cooperative credit movement largely depends on their financial strength.
|Name of The Bank||Solapur District Central Co-Operative Bank Ltd, Solapur.|