The Bank was registered under the Co-operative Societies Act in the year 1952 and started functioning from April, 1953....

 
The late Shri B.K. Patel, I.C.S., Ex. Municipal Commissioner, was the principal architect of this Institution which he founded in 1952. Shri Patel with his high sense of public service gathered around him a band of selfless Municipal employees and convinced them that through Co-operative effort Municipal employees could help not only themselves and others in financial difficulties, but could also educate and help them in building up credit
 
Thus inspired by lofty ideals for the betterment of the economic and material well-being of the Civic employees, the Bank was launched with the modest beginning.
 
On the strength of the support and invaluable contribution made by Shri B.K.Patel and the kind patronage and guidance of successive Municipal Commissioners, the Bank could make considerable progress since then as shown below :-
                                                                                                                                                                                                 
  YEAR - 1953
AS ON 31.03.2015
(audited)   AS ON 31.03.2016
 
  6830 MEMBERSHIP
 
87679
 
87940
 
 
  Rupees in Lacs
Rupees in Lacs
Rupees in Lacs
 
 
9.71
  SHARE CAPITAL
15338
16670
 
 
0.50
  RESERVE & OTHER FUNDS
26627
28915
 
 
16.80
  DEPOSITS
234671
268986
 
 
0.45
  INVESTMENT
105441
108825
 
 
46.25
  LOANS TO MEMBERS
168591
198856
 
 
28.02
  WORKING CAPITAL
303012
346116
 
 
0.24
  NET PROFIT
3561
4527
 
 
  No. of Branches 21 and 5 Octroi Collection Centres.    
 
OBJECTS for which the Bank is established are:-
To have one financially sound and stable Central Credit Organisation of all Municipal employees instead of several small Wards and Departmental Credit Societies, on starting of the Bank, many Societies were amalgamated with the Bank.
 
To undertake Banking business and to open Branch Offices in Greater Mumbai with the object of inculcating the habit of Banking and thrift in the Municipal employees and make banking facilities available for the purpose and on the other hand to give ancillary banking services to the Corporation
 
1953 TO 2016
The Bank functioned as Primary Credit Society
 
From 1960 onwards the Bank, undertook and developed the Banking business.
 
It has 21 branches, situated at, Municipal Head Office, Fort, Marine Lines, Girgaon, Nanachowk, Parel, Ghatkopar, Mulund, Bandra, Byculla, Deonar, Chembur, G/South, L.T.M.G. Hospital, Andheri (W), B.Y.L. Nair Hospital, Kandivali, Borivali, G/North, Andheri (E), Bhandup (W), 5 Octroi Collection Centres at Mumbai Panvel Highway, Mumbai Agra Road, Dahisar, Eastern Express Highway and Airoli and Head Office at P. D'mello Road, Fort. The Bank collects octroi for the Municipal Corporation of Greater Mumbai as their Agent.
 
Bank has started ATM facility in Nine branches those are Mulund T ward, Sion, Byculla, Bandra, Parel, Nair hospital,Borivali,Worli Hub (Offsite ATM) & Chembur. Bank became member of NPCI for their NFS's "RuPay Card" for accessing RuPay member Banks ATMs all over India from May 2013. Rupay ATM card now can use as Debit card on POS machine.
 
Bank has started SMS alert facility to  Depositors
 
The Bank comes under the purview of the Banking Regulation Act.
 
The Bank has collected Rs. 92068 lacs from Bank’s Shareholders in the form of Compulsory Deposit payable on retirement from the Municipal Services or resignation of the membership of the Bank.
 
Four Directors nominated by The Municipal Commissioner constitute stabilising factors in the Management. Likewise the Municipal Commissioner, Addl. Municipal Commissioner/Dy.Municipal Commissioners respectively lend prestige to the Bank and they hold corrective influence on the Board and the General Body.

 

 Bank has started RTGS/NEFT facility to customers

  IFSC CODE OF BANK MUBL0000001

 

 

   
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