Top 10 Co-operative Banks in India 2024

Updated On : April 2024

Co-operative banks have their importance in a country like India as they have been instrumental in the development and growth of the socio-economically weaker strata of Indian society. The concept of co-operative banks was initiated with the primary purpose of freeing the needy people from the clutches of moneylenders who demand high rates of interest.

The co-operative society act was passed in the early 20th century in order to govern a separate organization and extend credits among their members. These societies were established for the members within a specific geographical area.After a certain period, these societies extended and were called banks.

These co-operative societies were expected to comply with certain conditions mentioned in the Banking Regulations Act. Thus, the co-operative societies became the co-operative banks of India. The primary role of the co-operative banks in India is to help the poor people financially by granting them loans at very minimal rates.

There is a major distinction between commercial banks and co-operative banks with regard to their profit motives. The commercial bank’s principal purpose is to generate profits, while the co-operative bank’ssole objective is to operate without profit and without loss.

General Characteristics of Co-operative Banks

There are three types of co-operative banks in India and their classifications are given below:

  • Tier-1 State Co-operative Banks: These co-operative banks are the highest institutions among the co-operative banks within a state. It serves as a communicating link between co-operative banks and The Reserve Bank of India.
  • Tier-2 District/Central Co-operative Banks: These function at the district level. Their primary objective is to grant money to primary co-operative banks.
  • Tier-3 Primary Agricultural Credit Societies: These are the base institutions in the category of co-operative bank. These are situated in rural or urban areas and serve the local people directly, providing them loans and creating deposit accounts.
    The birth of co-operative banks in India has made a really big change in the agriculture sector, especially in the rural areas. They have also played a vital role in enhancing the habit of saving and investing the savings in various deposit schemes, which have been specially introduced to attract more customers
    Further, co-operative banks provide loans to people with low income to start their own business, meaning people get in the process of self-employment. However, these banks provide loans at cheap rates as compared to commercial banks, which make them attractive.
    Here, in this article, we list the top 10 Co-operative banks in India 2024 which have emerged as the best in 2024.
  • Saraswat Co-operative Bank

    Widely known as one of the big banks of its kind in India, it boasts a rich history of more than 100 years. As of March,’2023, the bank has 294 branches across the country. The excellent customer support and the transparent policies of the bank have helped the bank not only to stay afloat for all these years but also to shape itself up as one of the best amongst the lot.

  • Cosmos Co-operative Bank

    Established in the year 1906 by N.C. Kelkar, this bank has its roots in the pre-independence era. The company has a huge workforce totalling more than 2700 and has as many as 170 branches across the country. The bank has shown some promising figures when it comes to its market capitalization and profits.

    This has helped the bank become one of the best in the segment while gaining immense trust of the customers. Among the many firsts that the company has to its name, the one that is truly notable is that this was the first co-operative bank to have a currency chest.

  • Shamrao Vithal Co-operative Bank

    Often referred to as SVC bank, it is a scheduled co-operative bank in India. The banks registration dates back to the early 1900s. It was established in the year 1906 in the financial capital - Mumbai.

    The bank with the aim to serve the largest number of people has initiated its operations in as many as 11 statesand 1 union territory across the nation. SVC bank is currently present in Maharashtra, Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Delhi, Rajasthan, Goa, Haryana, Gujarat, and Madhya Pradesh.

  • Abhyudaya Co-Operative Bank

    The first bank on the list that launched its operations in India after independence. Starting off as a co-operative bank in the year 1964 with an initial share capital of just Rs 5000, the bank has grown by leaps and bounds.

    The bank primarily depends on quality and ensures that it is not compromising on the same. It has limited the areas of its operations to just 3 states in the country- Maharashtra, Gujarat and Karnataka to serve its customers in a better way.

  • Bharat Co-operative Bank

    With quite a hefty customer base, the bank offers its services in the states of Maharashtra, Karnataka, and Gujarat. Although the company on paper might appear to have less experience compared to the other alternatives, it still seems to have gained the trust of the customers.

    The bank has been able to keep up with the changing times and offers new tech solutions like mobile applications, various offers with their cards, and much more. This enhances customer satisfaction who have entrusted the bank with their savings.

  • TJSB Co-operative Bank

    Thane Janata Sahakari Bank is one of the largest banks in the country in terms of the number of people served on a daily basis. The bank has 139 branches,and serves five states across India- Maharashtra, Goa, Karnataka, Gujarat, and Madhya Pradesh.

    The bank has always stayed ahead and tried to adapt itself to the latest technologies toserve the customers in the best possibleway. They are the first co-operative bank to golive with UPI. The bank also boasts award-winning mobile applications and payment systems which make transactions and banking easier for the account holders.

  • NKGSB Co-operative Bank

    The co-operative bank has been one of the most dependable co-operative banks in and around Mumbai since its incorporation in 1917. It has 104 branches across the states of Maharashtra, Karnataka, Goa, Gujarat, and Madhya Pradesh.

    With a well-defined set of goals, values, and principles, the bank is working aggressively to achieve the goals that they have set for itself and its shareholders.

  • Janata Sahakari Bank

    The bank was established in 1949 with the sole objective of helping the economically weaker section of the society. In the past decades, the bank has steadily progressed through technology, and has extended its wide network totalling up to 71 branches including 2 extension counters across Maharashtra and Gujarat.The bank introduced core banking technology in 2005 which enabled any branch facility enhancing its operational reach.

  • Kalupur Commercial Co-operative Bank

    This bank was established in Gujarat in the year 1970, and is named after its place of origin - Kalupur. The bank has been showing incremental profits in recent years. The bank is customer friendly and has provided the customers with all the basic facilities along with some of the outstanding ones that are usually not available at other co-operative banks.

  • The Punjab State Co-operative Bank

    The Punjab Co-operative Bank based in Punjab was established in 1949. It has 17 branches and 1 extension counter offering a wide range of banking services, especially catering to the agricultural community in Punjab. The bank has also modernized itself by upgrading to digital services which has helped in enhancing customer experience.

    Since pre-independence days, co-operative banks have been one of the most dependable sources of financial support for people. Till date, these co-operative banks seem to have the confidence of the account holders in them which makes them grow year after year.

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