Progressive Overview of Bank

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 :-

Bank has 21 branches to meet your Banking needs

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 2024 :-

From 1960 onwards the Bank, undertook and developed the Banking business.

It has 21 branches, situated at, Municipal Head Office, Fort, Marine Lines, 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),Goregaon and Head Office at P. D'mello Road, Fort.

Bank has started ATM facility in Ten branches those are Mulund T ward, Sion, Byculla, Bandra, Parel, Nair hospital,Borivali,Worli Hub (Offsite ATM), Kapurbavdi (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. 108594/- 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 provides RTGS/NEFT facility to customers without any charges.