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Bombay Mercantile Co-operative Bank Limited.
In the year 1939, a man of 60 years who was deeply concerned for the upliftment of downtrodden thought of establishing a co-operative credit society to help these people and protect them from exploitation of money lenders. This great visionary was Shaikh Mohammedally Allabaux, the founder chairman of the Bombay Mercantile Co-Operative Bank Ltd. alongwith Padmashri Zain G. Rangoonwala established tha Bank in the year 1939, which in due course became the largest co-operative bank in the country and in Asia.
The bank created a good track record from its inception. A tiny sapling planted in 1939, became a full-fledged urban co-operative bank in 1941. To widen its scope and give it a secular outlook the bank was named Bombay Mercantile Co-operative Bank Limited in 1949 . From the beginning the bank has a policy of helping petty businessman, vegetables vendors, taxi drivers, small shopkeepers, skilled craftsmen and other weaker section of the society.
In the world of banking, which operates on trust Bombay Mercantile Co-operative Bank Ltd., as an institution since it's inception in 1939 has created a niche in terms of credibility with the trust of over one million patrons and over 190,000 share holders. Bank has contributed towards socio-economic development of the people in many ways. From the upliftment of weaker sections, self employment schemes to ex-servicemen promoting women entrepreneurs and providing credit through Micro Financing to the poor women artisans, Bombay Mercantile Co-operative bank in India working for weak and downtrodden people.
Nearly 95% of the shareholders of the Bank belong to the lower middle class.
The RBI in the year 1988 has granted the Bank status of a "Scheduled Bank".
The Bank Takes modest pride in being the first "Co-operative Bank to have been authorized by the RBI to deal in Foreign Exchange business and we are in the forefront among Indian Banks in Financing the country's exports. The Bank also extends all the Banking services to the Non-Resident Indians
Our greatest assets - the patronage and trust of the people from all castes, creeds and religions made us progress steadily year after year.
Today Bombay Mercantile Co-operative Bank Ltd. has its' branch network spread across the country in the states of Maharashtra, Gujarat, Delhi, Jammu & Kashmir, Rajasthan, Madhya Pradesh, Andhra Pradesh, Uttar Pradesh, Bihar and West Bengal.
Zain G. Rangoonwala Building
78, Mohammad Ali Road