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 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, Guindy, Chennai – 32. The Banks Head-office is No.36, South Canal Bank Road, Raja Annamalaipuram, Mandavelipakkam, Chennai – 600 028.
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.