The year was 1943, India was at the height of its struggle for freedom. Manipal witnessed the birth of yet another institution from the fertile vision of the PAIs — Late Upendra Ananth Pai — the Maha Rashtra Apex Corporation.
It was one of the earliest in South India to be set up as a non-banking financial services company to enter the field of hire purchase. With deposits of over Rs. 1,500 million and a network of over 67 branches, the Company is now on the threshold of further expansion into allied services like Merchant Banking, NSE Membership and Foreign Exchange dealership. It is in the process of setting up a Mutual Fund for which it has received the nod from SEBI. By way of expansion of the financial services sector, MACL is expanding its branch network. At the end of 1995-96, its deposits will have crossed Rs. 2,000 million. New business written will be of high quality, yielding more than satisfactory IRR.
It has the unique distinction of having paid dividend uninterruptedly since inception and has rewarded its shareholders with Bonus Issues and Right Issues many times over.
