History

History

This Institution namely THE GOA URBAN COOPERATIVE BANK LTD.,Panaji - Goa was converted from the earlier Institution namely "CAIXA DE PREVEDENCIA DE GOA". A brief past history of this Institution which goes back to 26.1.1889 is given on page 74 of the Book entitled "An Economic Review of Goa" by Shri Prabhakar S. Angle and published by The Goa Hindu Association Kala Vibhag in 1983. It will thus be seen that in effect The Goa Urban Cooperative Bank Ltd. is the oldest Cooperative Institution in India.

The original bye-laws of the Institution were published in the Gazette on 18th December ,1890, the bank has a copy of the Gazette in its records obtained from the Central Library. The bye-laws consist of different chapters with 47 Articles and mention about the act of 1853 under which the bye-laws have been registered. The Bank also is having a book of proceedings of the earlier institution right from 1895.  The continuity of this institution right from 1889 is established by reference of existence of 30 years in the proceedings book on page 91.

After liberation, this earlier institution which was doing Life Insurance business on Cooperative lines could not carry on the business on account of monopoly of LIC. Instead of closing down, the institution was converted into The Goa Urban Cooperative Bank Ltd. inheriting initial membership of the ‘Caixa de Prevedencia de Goa' of about 1,000 members and working Capital of Rs.16,00,000/-.

The Goa Urban Co-operative Bank Ltd. started functioning with effect from 9.8.1964 at Panaji and the first branch of the Bank was opened at Margao in 1967.

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