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The Tumkur Grain Merchants Co-operative Bank Limited (TGMC Bank) was founded on December 13, 1963, by a group of leading grain merchants in Tumkur city, Karnataka, though it was officially registered on September 16, 1963, with an initial share capital of Rs. 1,20,400. The impetus for its creation came from the realization that existing nationalized banks during Tumkur's substantial growth period in the 1950s and 60s were not adequately serving the financial needs of the local merchant class. The bank secured its license from the Reserve Bank of India (RBI) in 1987. Its founders, including key promoters like Sri A.K.A. Parshwanath, envisioned it as a cooperative alternative to address the "imbalances" in the banking services of the time.

As an Urban Co-operative Bank (UCB), its current status is that of a cooperative entity, regulated by the RBI, and headquartered in Tumkur, Karnataka. The bank has grown to operate 29 branches across South Karnataka, with a turnover exceeding Rs. 2,866 Crores (as of a 2023 report). Its significance in the Indian financial system lies in its role as one of the country's leading urban cooperative banks, a segment dedicated to providing banking facilities to small and medium-sized local businesses and the public, and it has been recognized as one of the best-managed UCBs in the state. It offers a range of modern services, including ATM, internet, and mobile banking, marking its evolution beyond its initial local mandate to a prominent regional financial institution.