The Orissa State Cooperative Bank (OSCB), the apex bank of Short Term Cooperative Credit structure in Orissa, has been furnishing to the credit requirement of the farmer members of Primary Agriculture Cooperative Societies of the State since its inception i.e. 2nd April 1948. The Reserve Bank of India (RBI) has granted banking license to the Orissa State Co-operative Bank (OSCB). This will modify the bank having fourteen branches in the state to turn a full mature bank at par with other commercial banks. The Orissa State Cooperative Bank has developed the status of a full-fledged bank on par with commercial banks both in the public and private sectors. The upgradation does following grant of Banking License by the Reserve Bank of India.
The bank is incorporated in the Second Schedule of the RBI and all its fourteen branches have been licensed. The application for the Banking Licence has been pending since 1986. From almost thirty-one State Cooperative Banks in the country, fifteen have been issued the licence along with seventy-five of the around 369 district central cooperative banks. The bank has been performing systematically over the years with reserve fund touching Rs 223.18 crore in 2008-09 and share capital reaching Rs 73.43 crore. It has acquired deposits to the tune of Rs 2,260.68 crore and commands a working fund of Rs 4,239.18 crore.