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.

History

In the year 1978, several young, enthusiastic and like-minded social workers associated with The Billawar Association, Mumbai , a leading Charitable Institution sponsored the Bank. The Bank was established with an intention 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. It was initially difficult to collect share amount of Rs.10/- for one share. Now the Bank is enjoying enormous confidence and loyalty from the members, depositors, well wishers and public in general. The Bank has made enormous progress during the period of 31 years of its banking business due to confidence bestowed by the people at large. A common man has no hesitation to invest his hard earned money in Bharat Bank for safety and better returns.

The Bank now known for its service, clean image and young team of personnel has carved its own niche as one of the best Banks in the Metropolis having a customer base of more than 12 lacs. The Reserve Bank of India has conferred scheduled status to the Bank on 22nd April, 1996 and the Bank subsequently registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997 vide Registration No. MSCS/CR/71/97 dated 26th September, 1997. Today the Bank has 34 Branches which include six branches in Karnataka, four of which are located in Bangalore and one each in Udupi and Mangalore. During the financial year 2008-2009 two new branches were inaugrated, one each at Pune and Udupi. Both have received good response from the members and customers. The 34th Branch was inaugrated at Jayanagar Bangalore on 18th February 2010. In spite of not too conducive atmosphere prevailed in the Banking scenario particularly in the co-operative Banking sector the performances of the Bank during the last few years deserves notice. The Bank has posted a net profit of Rs. 30.52 crores for the financial year ended 31st March 2009 as against Rs. 26.15 crores for the previous year after making necessary provisions in accordance with the extent guidelines of RBI.

The Bank has made appreciable progress in the last decade of its banking operations in terms of opening of branches, mobilization of deposits, deployment of resources and profitability. The shareholders have also benefited due to attractive dividends. The Bank has capital adequacy ratio at 16.89% as against RBI stipulation of 9% and thus maintaining strong financial solvency and net worthiness.

The Non-Performing Assets (NPA's) were reduced to Rs 33.62 Crores as on 31st March 2009 from Rs.35.02 Crores as on 31st March 2008.Consequently the gross NPA's was reduced to 2.24% as on 31st March 2009 from 2.76% as on 31st March 2008 and the net NPA's was 0% as on 31st March 2009,reflecting healthy loan portfolio of the bank.

TECHNOLOGICAL UPGRADATIONS:

Keeping in view the need for technological upgradations in the Banking Industry, the Information Technology Department of the Bank continues to pay special attention to upgrade technological needs. The Bank is successfully running Core Banking Solution thereby improving customer service and customer satisfaction. At present the Bank has eighteen onsite ATM's allover and has plans to setup more during the current financial year.It also has plans to share network of other Bank's ATM. SMS Alerts and Telebanking facilities to check Account details, are also available to increase customer convenience. Full Fledged Forex operation was launched on 16th March 2009 .

MEMBER OF INFINET:

The Bank has registered with Reserve Bank of India under INFINET (Indian Financial Network). This is a user group communication network set up by the Reserve Bank of India for integrated payment and settlement system. The Bank can engage in treasury and other investment activities through Negotiated Dealing System (NDS). The Bank can also participate in Electronic Clearing System (ECS), Electronic Fund Transfer (EFT), Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT). INFINET system enables the Bank in daily clearing of instruments for speedy and effective transfer of funds on behalf of clients of the Bank. The Bank has also implemented RTGS (Real Time Gross Settlement) in the Bank enabling the customers to send / receive money to / from any Bank in India .

TUFS (TECHNOLOGY UPGRADATION FUND SCHEME):

  The Bank continued to be included as an eligible institution by the Small Industries Development Bank of India (SIDBI) under Technology Upgradation Funds Scheme (TUFS). Under this scheme the Textile Industrial borrowers are eligible for claiming interest reimbursement from SIDBI upto 5% of interest paid on term loans availed by them from the Bank.

CORPORATE AGENT:

The Bank is a Corporate Agent for soliciting insurance business of both Life and General Insurance without risk participation.

The Bank processes and issues LIC policies on life under attractive schemes from Life Insurance Corporation of India (LIC) and General Insurance Policies covering mediclaim, ownership premises, stock, furniture, fixtures and other valuables through New India Assurance Co. Ltd.

PERSONNEL:

Banking is essentially a service industry more so in case of Co-operative Banks. In the fast changing environment, the definition of Banking has undergone metamorphic change and therefore updating skill and knowledge of employees is need of the hour. Bharat Bank has always emphasized on the quality of its personnel and extensive training is being given to the employees in core areas of Banking through in house as well as external training sources.

SOCIAL TRAITS:

The Bank also has taken lead to fulfill its social obligations and support to the people affected by natural calamities. It makes optimum donations to the social causes like Prime / Chief Minister's Relief Fund for earthquake victims, National defense fund,cyclone fund, National Association of Blind, Bombay Leprosy Project etc.

The Bank is operating on sound financial parameters and always adhering to the Reserve Bank of India guidelines and regulations. The Bank has transparent and vibrant system of Management by the Board of Directors who also oversee and supervise the progress of the Bank.