The Bank was registered under the Bihar &Odisha Co-operative Societies (Act- 11 of 1912) with the title “The Utkal Co-operative Banking Society Ltd.” at Patna, the capital of Bihar and Odisha state. After formation of the separate Odisha State on 01.04.1936, Society was bifurcated and the Head Quarters of the Banking Society was shifted to Cuttack, the then Capital of Odisha and thereafter shifted to the new capital Bhubaneswar. The Head quarters of the Banking Society was finally shifted to Bhubaneswar, the capital of the state of Odisha in the year 1968 and the Cuttack office thereafter was converted to Cuttack Branch. Subsequently two numbers of Extension Counters i.e. at Odisha Secretariat and at Heads of Department Building were opened. Subsequently in terms of amendment of Bye-laws Provision No. I vide amendment registration No.199/ RCS dated 27.04.2017 registered by RCS Odisha and amendment of banking license accorded by Reserve Bank of India vide letter No. DCBS (BHU) No. 092/04.01.011/2017-18 dated 20.09.2018, the nomenclature has been changed as “The Utkal Co-operative Bank Ltd, Bhubaneswar”
As per provision 3 (i) of the Registered Bye-laws, the main objective of the Bank is to encourage thrift, create funds, lent out it to members, grant of loans & advances to members, depositors & staff members and to undertake any such activity/ business as laid down in clause I of section6 of B.R. Act 1949 (AACS).The Bank had obtained Banking license from Reserve bank of India in the year 1986 vide license No. UBD 488/P Dt. 22.07.1986. The credit facilities of the bank is available only to the members who are permanent non transferable state Govt. employees serving in Odisha secretariat and Heads of Department offices, situated either at Bhubaneswar and Cuttack. As the members and customers are Government employees the Business Hours of the Branches have been fixed in shifts covering the timing from 8 A.M. to 8 pm. Like other Commercial Banks the package of services like remittance, Locker facility etc are available. The Bank is functioning on CBS platform.
