THE MUNICIPAL COOPERATIVE BANK LIMITED ,was registered in the year 1952 under the Co-operative Societies Act. Started functioning from April, 1953.Its founder Late Shri B.K. Patel, ICS, Ex. Municipal Commissioner, which he established in 1952. Shri Patel with his high spirit of public service gathered a group of selfless municipal employees around him and assured them that through cooperative effort the municipal workers could not only help themselves. and others in financial difficulties, but can also educate them and help build credit.
Driven by high ideals for the betterment of the economic and material welfare of the civic employees, the bank was launched with modest beginnings.
At the commencement of the bank, several committees were amalgamated with the bank, in order to have a financially sound and stable central credit organization of all municipal employees, instead of several smaller wards and departmental credit committees.
1953 to 2019:-
The bank acts as the primary credit society.The bank started and developed banking business since 1960.
It has 22 branches, Fort, CST, Marine Lines, Girgaum, Nanachok, Parel, Ghatkopar, Mulund, Bandra, Byculla, Deonar, Chembur, G/South, LTMG. Hospital, Andheri (W), B.Y.L. Nair Hospital, Kandivali, Borivali, G/North, Andheri (E), Bhandup (W), Goregaon and Head Office P D’Mello Road, Fort.
Bank has started ATM facility in ten branches namely Mulund Tea Ward, Sion, Byculla, Bandra, Parel, Nair Hospital, Borivali, Worli Hub (Offsite ATM), Kapurbawdi (Offsite ATM), Chembur The bank became a member of NPCI for “RuPay Card” of their NFS to access ATMs of RuPay member banks across India from May 2013. Rupay ATM card can now be used as debit card at POS machine.
Bank launches SMS alert facility to depositors.
The bank comes under the purview of the Banking Regulation Act.
The bank paid Rs. 103501 lakh from the shareholders of the bank as compulsory deposit payable on retirement from municipal services or resignation of the membership of the bank.
The bank has started RTGS / NEFT facility for the customers.