Jaya C.Suvarna

C. R Mulky

The Bharat Co-operative Bank (Mumbai) Limited, registered under The Maharashtra Co-operative Societies Act, 1960 (Registration No. Bom/Bank/138 of 1977 dated 9th June, 1977) popularly known in the metropolis as “Bharat Bank” has commenced its Banking operations with a capital base of Rs. 6.32 lacs from its present registered office at 64/72, Mody Street, Fort, Mumbai - 400 001 since 21.08.1978. The Reserve Bank of India has issued Banking License vide License No.ACD.MH 108-P dated 8th June, 1978. The RBI has conferred scheduled status on 22nd April, 1996 and the bank subsequently was registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997.

The Bharat Bank has been offering spectrum of financial services to different customer segments covering large and mid –corporate, SME, NRI services and retail business since inception. It currently has a network of 73 branches and 71 ATM centres across the states of Maharashtra, Karnataka and Gujarat. The bank has received licenses from RBI to open 14 more branches before the conclusion of financial year 2015-16. The First Branch of the Gujarat state has been inaugurated at Vapi on 9th September, 2015.

The RBI has also accorded its approval for the bank to open 14 more branches in the coming next financial year, with this the Banking operations of the Bharat Bank would cross 101 branches.

The Bank has gone live on Cheque Truncation System (CTS) of National Payments Corporation of India (NPCI) and is also participating in CTS Clearing in Western and Southern Grid. The Bank’s Foreign Exchange Business has successfully completed six years and continues to offer Money Transfer Services to customers through “Western Union Money Transfer” and “Money Gram” &“Xpress Money”. This facility is available at all Branches of the Bank. The Bank is a Corporate Agent of Life Insurance Corporation and The New India Assurance Company Limited for soliciting Insurance business of both Life and General Insurance without risk participation.

This phenomenal success has been achieved with the continuous support, guidance, handholding and leadership qualities from our beloved and visionary Chairman, Shri Jaya C. Suvarna and able support from Vice Chairperson, Ms. Rohini J. Salian along with the dedicated team of Directors, comprising of experienced and senior Bankers, Advocates, Income Tax experts, experts in the field of Literature and persons with social service background.

During the Financial Year 2014-15, the Bank received the following awards and recognitions for meritorious performances in various fields.

• The Brihanmumbai Nagari Sahakari Banks Association, Mumbai awarded the Bank 1st prize for the best performance and annual report for the Financial Year 2013-2014 in the category of Banks having deposits of Rs 1500 crore and above. The Bank has been receiving 1st prize for the best performance continuously for the three years.

• The Maharashtra Urban Co-operative Banks' Federation Ltd., Mumbai awarded the Bank 1st Prize for the overall performance of the Bank during the year 2013-14 in the category of Banks having deposits of Rs 1000 crore and above.

• Avies Publication awarded the Bank “BANCO PURASKAR 2014”- 1st prize for the best performance for the financial year 2013- 14 in the category of Banks having deposits of Rs 5001 crore and above

• The Yuvavahini (R) Central Council, Mangaluru awarded the Bank “SADHANA SHREE - 2014” for rendering good services to the society.

• The Brihanmumbai Nagari Sahakari Banks Association, Mumbai awarded the Bank 1st prize for the best performance and annual report for the Financial Year 2012-2013 in the category of Banks having deposits of above Rs 1500 crore.

The Board of Directors has given utmost thrust on the Banking Technology front. The Bank has gone live on time tested software, i.e. latest and advanced version of Finacle Core Banking from Infosys in August, 2014. The Bank is Aadhar/UID enabled and receives the Direct Benefit Transfer (DBT) under select schemes of the Government, to the credit of customers’ account. Keeping in line with the guidelines of NPCI the bank has implemented NACH and NGRTGS (New Generation RTGS systems).

Reserve Bank of India has accorded approval to the bank vide letter dated 7th September, 2015 to offer Internet Banking Facility (With Fund Transfer) to the customers of the bank.

At present the Bank has sixty nine onsite ATM's in Maharashtra & Karnataka State and has also opened two Off-site ATM’s in Marutagiri - Goregaon(East) and Suncity Theatre – Vile Parle (East). SMS Alerts and Telebanking facilities to check Account details are also available to increase customer convenience. The Bank’s VISA Debit card is well received by customers.

The Bank has gone live on Cheque Truncation System (CTS) of National Payments Corporation of India (NPCI) and participating in CTS Clearing in Western and Southern Grid. The Bank’s Foreign Exchange Business has completed six years during the year 2014-15 and continues to offer Money Transfer Services to customers through “Western Union Money Transfer” and “Money Gram” & “Xpress Money”. This facility is available at all Branches of the Bank. The Bank is a Corporate Agent for soliciting insurance business of both Life and General Insurance without risk participation.

The Bank has started two social security’s i.e. Pradhan Mantri Suraksha Bima Yojana in tie up with New India Assurance Co. Ltd & Oriental Insurance Co. & Pradhan Mantri Jeevan Jyoti Bima Yojana in tie up with Life Insurance Corporation of India and is also in the process of introducing Atal Pension Yojana in co-ordination with NSDL. Under Atal Pension Yojana, the subscribers will receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their individual contributions, which itself would be based on the age of joining the APY.

The Bank concentrates on providing personalized services to the customer, therefore, the bank is aptly known as “One of India’s most customer friendly banks”. The Bank was established with the principles to promote social justice and welfare and to take banking to the masses especially middle class and low income group of people to support their standard of living and these insightful principles continues to resonate even today.

The business of the bank is beyond banking and the bank rightly follows the quote “A Light for the millions.....A source for the needy”.