NEW INDIA COOPERATIVE BANK LIMITED was established in 1968 in Mumbai and in 1977 its name was changed to New India Co-operative Bank Limited. The purpose of the bank is to contribute to the socioeconomic progress of workers, small to medium entrepreneurs and their families and communities; the founders of the bank were inspired by the model of the German Labor Bank – a bank that bridged the divide between workers and merchants, and Germany. It was one of the largest bank in the U.S. successfully serving the needs of businesses, industry and workers.
New India Co-Operative Bank Limited is a fast growing and strong bank headquartered in Mumbai. The bank has evolved into a strong and scheduled multi-state bank with a network of branches in various states, offering a wide range of services.
The bank needed capital, premises and management. The founders’ efforts took root after much struggle, in 1968 when they started operations as Bombay Labor Cooperative Bank Limited under the aegis of our founding father – Mr. George Fernandes, an eminent trade unionist and Member of Parliament and a Minister, and Shri Ranjit Bhanu, a renowned Criminal Lawyer, Trade Unionist and also Member of Legislative Assembly (MLA).
The bank started with 555 members who contributed an original share capital of Rs. 1 Lac!. From the very beginning their objective was to promote prudent and sustainable growth and emerge as a strong bank. He has successfully achieved this.
The bank has 30 established branches located in Mumbai, Thane, Surat and Pune.
The Bank has been assigned “A” Audit Classification by the Statutory Auditors every year for 42 years.
The bank attained the status of “Scheduled Bank” on 1 November 1990. The bank attained multi-state status on October 22, 1999.
Core banking solution implemented in all branches in 2004.
Visa Debit Card was launched in 2009.
Process centralization and back office established in 2009.
Customer Care Unit established in 2010.
Internet banking was started in 2010.
A complete transpreventing rebranding and technology enabled infrastructure has been implemented by the Bank in 2009.