knowmyifsc.com

The Himachal Pradesh State Co-operative Bank Ltd. (HPSCB) was formally established as a regional apex institution with the goal of strengthening the cooperative movement and addressing the credit needs of the rural populace. Its foundation was laid in August 1953 with registration under the Co-operative Societies Act, 1912, and it commenced operations on March 15, 1954. This creation was a direct result of the amalgamation of three pre-existing entities—The Mahasu, Mandi, and Chamba Central Co-operative Banks—with the Bank of Sirmour, a Joint Stock Bank, also merging into it in 1955. This structural consolidation was intended to create an effective central financing agency for the State, which at the time was a Union Territory.

As a Scheduled State Co-operative Bank, HPSCB’s current status is a cooperative entity functioning as the Apex Co-operative Bank for Himachal Pradesh. Its significance in the state's financial architecture is profound, as it operates on the principle of providing banking facilities to the common masses, particularly in agriculture, where commercial banks historically concentrated on urban areas. The HPSCB is the largest cooperative sector bank in the state by district coverage, and its network ensures deep penetration, with approximately 94% of its branches and extension counters situated in rural areas. It also performs the crucial function of offering government treasury services in remote areas where nationalized banks have been unwilling to establish a presence, thus playing a vital role in financial inclusion and state development.