Techniques for controllably allocating a portion of a plurality of memory banks as cache memory are disclosed. To this end, a configuration tracker and a bank selector are employed. The configuration tracker configures whether each memory bank is to operate in a cache or not. The bank selector has a plurality of bank distributing functions. Upon receiving an incoming address, the bank selector determines the configuration of memory banks currently operating as the cache and applies an appropriate bank distributing function based on the configuration of memory banks. The applied bank distributing function utilizes bits in the incoming address to access one of the banks configured as being in the cache.