Pratap Chandra Bhanj Deo, the Maharaja of Mayurbhanj, established the Mayurbhanj State Bank on 2 May 1938 to promote the growth of industries and commerce in Mayurbhanj.[1] On 1 May 1938, an extraordinary issue of the Mayurbhanj State Gazette was published which announced the rules and regulations relating to its constitution.[2] These rules declared that it was to be a department of the state under the general control and direction of the state authorities.[1] A provision stated that it could not go into liquidation except by the order of the ruler of Mayurbhanj.[1] The initial capital for the bank was provided by the state.[3]
It had its headquarters at Baripada.[3] It had two branches, one at Karanjia and the other at Rairangpur.[3] The total working capital and deposits of the bank were 34,00,000 rupees and 32,00,000 rupees, respectively, on 31 March 1944.[4]
