Anyonya Co-operative Bank
| Company type | Cooperative bank |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1889 |
| Defunct | 2013 |
| Fate | Liquidated |
| Headquarters | Vadodara , India |
Area served | Baroda and surrounding areas, Gujarat, India |
Anyonya Co-operative Bank (ACBL), headquartered in Vadodara, Gujarat, was a pioneering Indian cooperative bank established in 1889. Recognized as the country's first cooperative banking institution, it ultimately ceased operations and was liquidated in 2013 following issues related to financial mismanagement.
Due to persistent problems with loan recovery and financial oversight, the Reserve Bank of India invoked Section 35 of the Banking Regulation Act on 14 September 2007, directing a suspension of most banking activities.
During the 2008 annual general meeting, stakeholders formed a committee aimed at reviving the bank. Despite several attempts to rescue the institution and proposals to merge with other cooperative banks, these efforts did not succeed. The bank entered liquidation proceedings in 2010, with closure finalized by 2013.
History
Originally established in 1889 under the name Anyonya Sahayakari Mandali Co-operative Bank Limited, ACBL was created to offer an alternative to moneylenders for residents of Baroda. The bank began modestly with 23 members and capital amounting to Rs 76, which increased to Rs 873 within its inaugural year. By 2006, its shareholder base had expanded to over 23,000 individuals, operating through more than ten branches mainly located in Baroda and its surrounding areas.
The governance structure consisted of a nine-member board serving staggered three-year terms. Financial challenges emerged from 2007 onwards, primarily driven by poor management and inadequate loan recovery processes. Attempts to consolidate with other cooperative banks were unsuccessful, culminating in liquidation by 2010 and completion of asset disposal in 2013. Subsequently, in 2020, law enforcement authorities arrested individuals connected to fraudulent activities involving Rs 1.7 crore of bank assets under liquidation management.