Explanation:

 The Co-operative Banks came into picture after 1904. Himachal Pradesh has the distinction of having first Coop. Society Registered in India. Cooperative were primarily visualized as specialized agency for financing the credit requirement of rural people in the country particularly agriculture.

In Himachal Pradesh at the time of attaining independence of India, Mahasu Central Co-operative Bank, The Mandi Central Co-operative Bank Ltd. and The Chamba Central Co-operative Bank Ltd. were functioning to cater to the needs of farmer. In 1953 Himachal Pradesh State Co-operative Bank was established after amalgamating these three Central Co-operative Banks into it.