About Us

     The Tamilnadu Industrial Cooperative Bank Ltd., popularly known as “TAICO Bank” is the
first of its kind in the Cooperative Sector in the Country for catering the needs of Industrial
Cooperatives. A unique Cooperative Bank with having state wide jurisdiction, to develop the
Industrial Cooperative Societies in the State of Tamilnadu.

     In the year 1958, the "Working group on Industrial Co-operatives" was set up by the
Government of India and recommended for establishment of a separate Bank at state level
exclusively to cater the financial needs of the Industrial Co-operative societies. Madras State
Industrial Cooperative Bank was organized and registered on 13.9.1961 under Tamilnadu
Cooperative Societies Act which was the ‘Brain Child’ of Thiru R. Venkatraman, the then
Industries Minister of Tamilnadu and latter the President of India

     Commenced functioning since 1962 and catering the financial requirements of the Industrial
Cooperative Sector. The Bank functions under the Administrative control of Department of
Industries and Commerce. The Banks head office is functioning in its own apartment (Ground
Floor) measuring 5,000 sq.ft. in the C.M.D.A. Complex, Egmore, Chennai.
Objective
     The Objective of the Tamilnadu Industrial Cooperative Bank Ltd., is to provide financial
assistance to the Industrial Cooperatives. Societies working under the administrative control of
Industries commissioner & Director of Industries and Commerce and other Type of Cooperative
Societies other than Indl. Coops. with the prior permission of the Industries commissioner &
Director of Industries and Commerce.

Services
  Accepting Deposits from Public, From Govt., Institutions & Temples
  Loans and Advances to Industrial Coop. Societies
  Loans and Advances to Public
  Locker Facility
  Drafts, Bank Guarantee for Institutions.
  Providing Insurance Services
  Consultancy Services

TAICO Bank is a Member with Deposit Insurance Credit Guarantee Corporation, Mumbai

Meetings
ANNUAL GENERAL BODY MEETING
   AGB meeting of the bank has been convened every year
   FAM is placed, discussed and approved
   Net profit declared in FAM – Distributed as per the Act & Rules
    Budget for the next year is placed for approval
   Bylaw amendments are placed for recommendation before sending for registration to
Registrar of
   Industrial Co-operatives
   Last AGB conducted on 30-03-2009
   
Computerization
   29 branches are computerized with Bank Z.net software
   5 under Dos- based software are under conversion to windows based bank Z.net
software
Net Banking
On completion of computerization of all the branches it is proposed to make interconnectivity
among branches with head office and to introduce Core Banking Solutions.
It is proposed to set up ATM Centres initially in differnt parts of the state. To enter Consultancy
Anywhere Banking will be implemented.