• Banks
• Bombay Mercantile Cooperative Bank Ltd

Bombay Mercantile Cooperative Bank Ltd

Bombay Mercantile Cooperative Bank Limited is an establishment created to improve the financial position of people in and around Mumbai. It has 52 branches in Maharashtra, Delhi, UP and Gujarat and offer financial support with strong social message to assist the poor section of the society. We are good in offering services like Mobile Banking, Self Service, Personal Banking, Customer Service, Locker, Interest Rates, Current Account, Gold loans, Account Creation and others.

History of Bombay Mercantile Cooperative Bank Limited

The Bombay Mercantile Cooperative Bank Limited started in the year 1939 has created a wonderful trend in terms of confidence and commitment. It was created by Shaikh Mohammedally Allabaux, the founder chairman of the Bombay Mercantile Co-Operative Bank Limited and his initiative and vision was well appreciated by the Padmashri Dr. Zain G. Rangoonwala. We believing in promoting the Contractual labourers, Artisans, Craftsman, Tailors, People in menial jobs, Barbers, Professionals, Cab Drivers, Machine Operators, Small time businessman and the downtrodden people as well. We have an all lady oriented branch at Khara Thank at Mumbai and one at Aurangabad in Maharashtra.

We are dedicated in changing the lives of the poor people and make a huge difference. We believe in turning the people from job takers to the job creators. We believe in bringing the banking to the grass root level in rural and semi rural areas of Maharashtra State. This is the first cooperative bank to become the scheduled cooperative bank in the state of Maharashtra. The bank has more than 23 plus branches in Maharashtra and making its presence felt in UP, Gujarat, J and K, Delhi, Andhra Pradesh and Rajasthan.

Mr. Zeeshan Mehdi is the chairman and Mr. Avan Kumar Singh, a Chartered Accountant is the Vice Chairman of  the Bombay Mercantile Cooperative Bank Limited.

Banking Services offered by Bombay Mercantile Cooperative Bank Limited

There are various banking services offered by the Bombay Mercantile Cooperative Bank Limited and given below as follows:

• Bill Finance.
• Term Deposits.
• Line of Credits.
• Staff Pensions.
• Savings Account.
• Current Accounts.
• Over draft facilities.
• Kisan Vikas Patra's 
• Safe Deposit Lockers.
• Term Deposits Opening.
• Franking of documents.
• issue of Bank Guarantee.
• Account Related Services.
• KYC Compliance Handling.
• Personalised Cheque Facility.
• Personalised Bank Passbook.
• National Savings Certificates (NSC's)
• Issuing the Letter of Credits--Domestic and Foreign.

Due to the rise in Cash Reserve Ratio and the Repo Rates, it is decided to increase Prime Lending Rate PLR to 14% with immediate effect.

 Loans and credit facilities provided by Bombay Mercantile Cooperative Bank Limited

   There are various loans and credit schemes offered by the  Bombay Mercantile Cooperative Bank Limited and given below as follows:

• Home Loan.
• Gold Loans.
• Vehicle Loan.
• Personal Loan.
• Business Loan.
• Loan against Securities.
• Loan against Properties.
• Changing the Credit Card Limits.
• Loan against the Life Insurance Certificates.
• Loans for the Government Officials and Employees.

Legal issues

Reserve Bank of India has imposed a huge fine of INR 50 Lakhs against the Bombay Mercantile Cooperative Bank Limited for not able to adhere towards the Regulatory compliance as per the Maharashtra Cooperative Movement Act and RBI Directions Act of 2016.

Awards and Recognition

• Bombay Mercantile Cooperative Bank’s MD Shah Alam Khan has been given the Times of India Award---- “Times Most Influential Personality”.  

Bombay Mercantile Cooperative Bank Ltd has 52 IFSC connected branches in India. Bank has branches in following states:

BIHAR
DELHI
GUJARAT
JAMMU AND KASHMIR
MADHYA PRADESH
MAHARASHTRA
RAJASTHAN
TELANGANA
UTTAR PRADESH
WEST BENGAL