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The A.P. Mahesh Co-operative Urban Bank Limited was founded with its registration on June 30, 1977, and it officially commenced operations in Hyderabad on August 9, 1978. The institution was established on cooperative principles to serve as a major banking setup. A significant historical milestone was achieved on October 26, 1996, when it became the first cooperative bank in Andhra Pradesh to be conferred with Scheduled Bank status. By May 2001, the bank had registered as a Multi-State Cooperative Society, allowing it to expand its operational footprint beyond a single state.

Currently, the institution operates as a Multi-State Co-operative Bank (MSCB), a unique structural form that makes it private and member-owned, governed by its shareholders, of which it has over 30,000. The bank holds a notable position in the Indian financial system as one of the country's leading Urban Co-operative Banks, operating a network of approximately 45 branches across four states, including Telangana, Andhra Pradesh, Maharashtra, and Rajasthan. While it has reported strong financial performance metrics, it has recently drawn attention due to a series of inquiries from the Reserve Bank of India (RBI) and the Enforcement Directorate (ED) concerning allegations of fund mismanagement and regulatory violations, which have introduced complexity to its standing within the cooperative banking sector.