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The plight of Mumbai's taxi men and other working class sections steeped in debt, promoted a few committed individuals to start a bank that would aim to primarily serve their interests. Prominent among them was a well-known politician and mass leader, George Fernandes.
That was way back in November 1967. The bank, Bombay Labour Co-operative Bank Ltd., started with a share capital of Rs.1 lakh contributed by 555 members. It gave way to its present
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New India Co-operative Bank, in 1977. There was no looking back thereafter. It was conferred 'Scheduled Bank' status in 1990 and became a multi State Co-op. Bank in 1999.
Today in its 41st year, New India Bank has 23951 members who are its pillars of strength. Its share capital stands at a significant Rs.16.68 crore in March 2008.
The initial struggle to take off did not deter the founders of New India Co-operative Bank. Confident of the support of its numerous well-wishers among the working class, the Bank kept on adding strength to its wings. It soared higher and higher with every passing year.
Those very wings helped the Bank reach new milestones.
- Registered as a Multi-State Bank in October 1999
- Its 20 branches placed under 3 Zones are located in prominent area of Mumbai, Thane and Surat.
- Awarded 'A' category Audit Classification by Statutory Auditors
- Total Business has crossed Rs. 1000 crore; Net Worth is more than Rs. 150 crore
- 0% NPA for the past 10 years
New India Co-operative Bank continues to meet the needs of small and medium scale entrepreneurs, besides corporate, Prominent among its clientele are Shapoorji Pallonji & Co., IFFCO, Forbes Gokak and numerous private sector hospitals, including Jupiter Hospitals.
Personalised customer service has been the hallmark of New India Co-operative Bank, and is the most important reason for its "steady growth". No less is the quality of its products. Besides deposit plans, the bank offers a wide range of loan schemes, to fulfill many a dream.
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