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NEW INDIA COOPERATIVE BANK LIMITED

Jan 20, 2020 351

HISTORY:

Our business begins with a need, an idea or a dream.Our efforts were motivated by a need, a dream and a vision of the creation of a financial institution that contributed to the socio-economic progress of workers, small and medium entrepreneurs and their families and communities in which all live and work.

The founding fathers of the bank were inspired by the model of the German Working Bank - a bank that stretched to the height of the division between workers and entrepreneurs and was one of the largest banks in Germany to meet the needs of companies, Industry and workers.The bank required capital, premises and administration. The founders' efforts took root after a considerable struggle in 1968 when they began operating as the Labor Cooperation Bank of Bombay Ltd.,

Under the ages of our founding fathers - Shri George Fernandes, an eminent trade unionist and a member of the Parliament and a minister, and also Shri Ranjit Bhanu, a notorious criminal lawyer, trade unionist and member of the Legislative Assembly (MLA).The bank started with 555 members who contributed the original share capital of Rs. 1 lac. From the outset, it aimed to foster prudent and stable growth and emerge as a strong bank. This has been successful.

CHAIRMAN: Ranjit Bhanu