The Mulkanoor Cooperative Rural Bank was got registered by the promoter Late Sri A.K. Vishwanatha Reddy in the year 1956 under the Hyderabad Cooperative Society Act. 1952. after enactment of Cooperative Society Act 1964 this society is deemed to be registered under it
Later on after enactment of Mutually Aided Cooperative Society Act -1995. It has been converted to MACS Act. The area of operation of the society consisting of the 14 revenue villages / 18 Gram Panchayats.
The lands in its area of operation are upland covering with hillocks. There is no major source of irrigt¬ion, except small tanks and ponds. Majority of agricultural activities are entirely depend upon open wells and bore wells. Undergroundwater is completely tapped, resulting depletion of water table. The area covered by this society is completely drought prone.
The cooperative started serving the farmers from the founder president's residence for about 14 years before having its own office premises in the year 1970
At present the society is having 7629 members with share capital of Rs. 13.96 crores and thrift deposits of Rs. 24.61 crores. The turnover of the society is 270.18 crores for the year 2015-16. The audit classification of the society is "A" Class.
Membership is voluntary and open to those who need its services
Management is democratic - one member one vote
Share capital receives no special privileges except at best a limited return
Economic benefits only to members subject to utilization of goods and services of the society.
Education, Training & Information to Members, Staff and Farmers.
Surplus is distributed equitably among members
Members are aware about cooperative democracy and business
Cooperative actively work with other genuine cooperatives to create a favourable cooperative environment