The Karnataka Apex Bank Ltd, also known as KAB, is a cooperative bank based in the state of Karnataka, India. It is a Scheduled State Cooperative Bank, registered under the Karnataka Cooperative Societies Act, 1959. The bank was established in 1915 with the aim of providing financial services and support to the cooperative sector in Karnataka.
The Karnataka Apex Bank operates as the apex bank for various district central cooperative banks (DCCBs) in Karnataka. It acts as a coordinating agency for these DCCBs and provides them with financial assistance, guidance, and support. The bank plays a crucial role in channeling funds to the cooperative sector and promoting rural development in the state.
The Karnataka Apex Bank offers a wide range of banking services, including savings accounts, current accounts, fixed deposits, recurring deposits, loans, and agricultural finance. It caters to the financial needs of farmers, rural artisans, self-help groups, and other members of the cooperative sector.
As an apex bank, it also functions as a clearinghouse for interbank transactions among the DCCBs. The bank facilitates the transfer of funds and settlements between the DCCBs, ensuring smooth operations within the cooperative banking system in Karnataka.
The Karnataka Apex Bank is regulated by the Reserve Bank of India (RBI) and operates under the guidance and supervision of the National Bank for Agriculture and Rural Development (NABARD). It adheres to the cooperative principles and aims to promote financial inclusion and cooperative development in Karnataka.
The Bank was registered on 10th November 1915 under the name and style of “The Mysore Provincial Cooperative Bank Limited,” under the Mysore Co-operative Societies Act of 1905.
Then , the Bank was not an Apex institution, as it was not exclusively meant for financing the co-operatives in the then State of Mysore. The Bank was founded with the objective of financing, inspecting and supervising the co-operative societies in the Mysore State.
The membership and share capital held by primary societies in Apex Bank was transferred to the respective District Cooperative Central Banks.
The Karnataka Apex Bank Ltd
No.1, 'Uthunga',
Pampa Mahakavi Road,
Charmrajpet,
Bangalore
Karnataka 560018
India
Ph: 080-26612642, 26506782
Fax: 080-26628521