MAHANAGAR COOPERATIVE BANK was established in the name of “The Ahmednagar Sahakari Bank Limited” on 6th October 1973 by Late Solicitor Shree and the people of Ahmednagar. GS Shelke and his associates called this bank “The Mahanagar Co-Operative Bank Ltd.” Named. Got Secured ‘A’ Grade Classification Bank from Reserve Bank of India on 30th January 1998 and this Bank has total 67 branches and 12 hours nonstop service in 5 branches and 52 ATM machines. This bank offers modern banking services like ATM center, Debit Card, Home Banking, RTGS, NEFT, Demat, Online Banking etc. Introduction to launch “Total Bank Automation”
Late Solicitor Shri GS Shelke became the first Chairman of this Bank, Lt. Shri G.A. Thube, the first Vice President, became Mr. SS Bhagat became the first secretary. These were people with deep and enduring ideals, beliefs, vision, optimism and entrepreneurial skills. These dedicated people in charge of the bank had an admirable sense of service and duty. Even today, our esteemed founder inspires a sense of awe and respect in the Bank and among the shareholders of this Bank.
The Bank has made a very inspiring start. The bank was initially set up to help mill workers from Kalachowki and Lalbagh area and dock workers of Carnack Bunder, fruit, vegetable and flower vendors of Crawford market, Byculla and Dadar market, fish vendors of Colaba and a small number of shopkeepers and self-employed I went.
The bank has decided to meet the needs of common people from all walks of society. In order to achieve this, the bank has decided to change the name from “The Ahmednagar Sahakari Bank Limited”. The new name for “Mahanagar Co-Operative Bank Limited” came into effect from 21st January, 1998.
Thanks to continuous and diligent efforts in the 43 years since its inception, the Bank had achieved a strong foundation in terms of its membership, resources, assets and profits. The bank went from strength to strength during this period. The Bank has grown in stature, has progressed in its social and economic objectives and has created an image of what an ideal bank should be. It has secured an ‘A’ grade classification for all years from the beginning. The Reserve Bank of India granted scheduled status to the bank on January 30, 1998. This also increased the confidence of the members, account holders and depositors of the bank.
Near this bank is a galaxy of brilliant people. The Board of Directors of the Bank has brought these learned persons with excellent academic qualifications to the Bank with their rich heritage of knowledge, expertise and experience and the tangible support the Bank has received from all its constituents on all fronts. The bank is confident of building the future wisely and consistently. The bank is paying dividend to its shareholders at the rate of 15% which is the maximum permissible dividend as per MCS Act. The Bank has a total of 61 branches and has 12 hours nonstop service in 5 branches. The area of operation is spread all over Maharashtra. The bank is probably the fastest growing bank in the co-operative sector.
Innovative banking is another area of operations that Mahanagar Bank is currently focusing on for sustainable long-term growth. The Bank has always endeavored to provide satisfactory customer service with the help of latest technology. The Bank has provided fully computerized services to its valued customers. With a view to meet the challenges of the technologically advanced banking system and upgrade its existing technology, the Bank has introduced
The Board of Directors has also envisioned the growing competition in the industry and the expectations of the Reserve Bank of India in the future. For this purpose, the Board of Directors is contemplating to introduce modern banking services like ATM centre, Debit Card, Home Banking, RTGS, NEFT, Demat, IMPS, Net Banking etc. With this we are all set to face the cut.