About Bank

This Bank was established by the people from the Ahmednagar Dist. in the name of “The Ahmednagar Sahakari Bank Ltd.” on 6th October 1973. Solicitor Shri. G.S.Shelke and his colleagues were the motivating force behind the establishment of this bank. Mr. G.S.Shelke became the first Chairman,Lt. Shri .G.A.Thube, the first Vice-Chairman, Shri. .S.S.Bhagat, the first Secretary. These were the people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Bank had commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the Shareholders of this bank.

The Bank has a humble but a very inspiring beginning. The minimum amount of Rs.10/- per share was required from prospective members and as such practically, from all over Mumbai, they collected the initial share capital of Rs.1.36 Lakhs. With this small amount they started this co-operative activity in Greater Mumbai. The Bank was initially set up to help Mill workers from Kalachowki and Lalbaug area and Dock workers from Carnac Bunder, Fruit, Vegetable and Flower vendors from Crawford market, Byculla and Dadar market, Fish vendors from Colaba and small number of shop keepers and self employed persons.

In the later stages, the Bank has changed its object and decided to cater the needs of common people from all sectors of the society. To obtain this, the bank has decided to change the name from “The Ahmednagar Sahakari Bank Ltd.” to “The Mahanagar Co-operative Bank Ltd.” The new name came into force with effect from 21st January, 1998.

Thanks to the sustained and assiduous efforts over 35 years after its inception, the bank had gained Strong foundation in terms of its membership, resources, assets and profits. During these period the bank grew from strength to strength. The Bank has grown in stature, progressed in its social and economic objectives and produced an image of what an ideal bank should be. It is secured ‘A’ grade classification for all the years from the beginning. Resultantly the Reserve Bank of India awarded scheduled status to the Bank on 30th January 1998. This also boosted the confidence of our members, account holders and depositors of the Bank.

At the helm of the Bank affairs, the bank has been consistently fortunate to have a galaxy of illustrious men. These erudite men with excellent academic qualifications on the Board of Directors of the Bank have given the Bank the benefit of wisdom, expertise and experience with its rich heritage and the solid support that the Bank receives on all fronts from all its constituents. The Bank is confident to make future wisely and consistently. The Bank has been paying dividend to its share holders at the rate of 15% which is maximum permissible dividend as per the MCS Act. Bank has a total of 32 Branches and all are computerised and nonstop 12 hours service in 5 Branches. Area of operation covers the all over Maharashtra. The Bank is perhaps the fastest growing Bank in the Co-operative sector.

Besides this, the Board of Directors have visualized the future increasing competition in this industry and also the expectations of Reserve Bank of India. For this purpose, the Board of Directors is considering the introduction of Modern Banking Services such as ATM, Home Banking, RTGS, Demat etc. With this we are fully geared to face the cut throat competition in the Banking Industry in the near future.

Innovative Banking is another area of operation that Mahanagar Bank is currently focusing on for a sustainable long term growth. The Bank has always endeavored for providing satisfactory customer service with the help of the latest technology. The Bank has provided fully computerised services to its valued clients. With a view to meet the challenges of technologically advanced banking system and to upgrade its existing technology, the bank has introduce "Total Bank Automation" to provide the facility of inter-branch connectivity for any time and any branch banking transactions.

Contact Details

Address:

Hirmani Super Market,
Ground Floor, Dr. B. A. Road,
Lalbaug, Mumbai - 400 012.
India.

Telephone No.: 2471 0519, 1918 / 2471 1809, 2535

Website: http://www.mahanagarbank.com

Courtesy: mahanagarbank.com