The Mumbai District Central Co-operative Bank Ltd.
is a central financing agency of all affiliated co-operative societies in Mumbai district, which is popularly known as “MUMBAI BANK”
and is registered under MCS Act in the year 1974 and started its functioning on 12th Feb.1975
. Since there is no agriculture production in this District, MUMBAI BANK is catering to the financial needs of non agricultural co-operative societies such as Urban co-op. banks, Urban co-op. credit societies, Employees co-op. credit societies, Housing co-op. societies, Co-op. consumers stores, Industrial, fisheries and labour co-op. societies etc
In India, an integral part of the policies formed by the Co-operative movement is focused on the development of the country, upliftment of poor and propagation of principle which represents the very socio-cultural ethos of the country. Co-operative movement has enabled us to develop the economy and to bring social change at large. The success of the co-operative depends largely on their ability to face the challenges by converting these challenges into opportunities of growth and development in the fast changing liberalized economic era. The Indian co-operative movement is so far the largest movement in the world. In India co-operatives operate in almost all important sectors i.e. agricultural, agro-processing, fertiliser, marketing, credit, dairies, spinning, handloom and handicrafts, sugar, fisheries, banking, etc
In India co-operatives have gained popularity because they have proven capabilities to reach at the grass root level and have strengthen the faith in co-operatives. The area of operation of some of the co-operatives is limited to village, taluka, district, state or all India basis. Computerization is a new need of business in co-operatives. Operational efficiency, customer service, communication & management information system are the four important parameters to ensure success of business organization. These parameters are improved to a great extent with the help of computers and information technology (IT) by The Mumbai District Central Co-operative Bank Limited. Co-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. The co-operative principles are the guidelines by which co-operatives put their values into practice. The International Co-operative Alliance (ICA)
in its centennial conference held in Manchester in September 1995 approved and adopted seven basic principles of Co-operation.
- Voluntary and Open Membership
- Democratic Member Control
- Member Economic participation & Control
- Autonomy & Independence
- Education, Training & Information
- Co-operation among Co-operation
- Concern for Community
A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs through a jointly owned and democratically controlled enterprise. There is three tier co-operative credit structure in the state of Maharashtra. The Maharashtra State Co-operative Bank is the Apex institution working at the state level whereas the district central co-operative banks are working at district level. These district central co-operative banks are catering to the financial needs of primary co-operatives in the concerned district. These banks are playing vital role particularly in providing financial assistance for agriculture as well as non-agricultural cooperative sector through member co-operatives. District Central Co-operatives are also acting as a balancing centre of surplus funds of all primary co-operatives in the district..
We appeal to all co-operatives and corporations to come forward and avail financial assistance from our bank for the socio- economic Development of the people in greater Mumbai and Maharashtra.