The Hindusthan Co-op. Bank Ltd. is an institution that got its inspiration from India’s Independence movement. The fight for the fundamental rights has been in our roots. When the Indian people were fighting for their Independence, simultaneously the hardworking Mathadi Kamgaar started movement for their fundamental rights
Before starting this movement, these workers would take loan from money-lenders on a very high interest rate so that they can accommodate their basic necessities to sustain their livelihood. These workers would work hard to clear their debts but, were still unable to clear the debts due to the unstable interest rate imposed by the money-lenders.
Taking the inspiration from the Independence movement, the Mathadi worker realized the injustice faced by them due to the malpractices, and to fulfil their daily needs, they contributed Rs. 1 share per member for the foundation of a Co-operative Credit Society . This resulted in availment of the loan at a very reasonable and affordable rate of interest and, their needs were sustained. It United the Matahadi workers making a great force and it resulted in establishment of the “Mathadi Law” in Mumbai city.
During the time of India’s Independence movement, great leaders like Shri. Krantisinha Nana Patil gave this movement their vision for progress. Mathadi Law came into operation and Mathadi Board was formed, and thereafter under guidance of Shri YashwantraoKoli, Shri. RaosahebKalke, Shri. HaribhauThombare, Shri. ShankarraoShinde, Shri. GajananraoDhamal and other associates, the process of converting the Co-operative Credit Society into a Co-operative sector bank was initiated in a standardized manner. They achieved the success on 25th March 1970 and ,” The Hindusthan Co-op. Bank Ltd.”, Mumbai came into existence.
The main vision in formation of this bank was to fulfil the future needs and thus, freeing the Mathadi workers from the grip of money-lenders. After this the Mathadi workers were able to avail various facilities provided by the bank as per RBI rules and regulations. As the bank was availing loan facilities, workers were easily able to bring a solution to their problems like providing education their children, build and purchase their own house.
The Board of directors of the bank, took an oath to help the labour class worers and decided to open branches at labour class populated areas like Trombay, Dharavi, Shivajinagar-Govandi and Bhandup. No other financial institution wanted to take up the risks involved in opening up a bank in such areas but our bank’s directors followed the principle and opened branches at those locations. The ex- board of directors, Shri. RaosahebKalke, Shri. Yashwant Rao Koli and our current director Shri. Prakash Narvekar played a pivotal role in the succession of the bank.
In the year 1990, Indian economy accepted liberization causing a major impact on each and every sector within the country. New policies were introduced bringing various changes in the banking sector. The ethnic banking culture was also undergoing various changes. On the basis of accurate yet bold decisions, many competitors fought to sustain the challenges and the situation was turning worse and during this crucial period, the bank needed a supervision and guidance of a dynamic leader among the Mathadi Workers and therefore, they gave the responsibility of the bank to Shri. GulabraojiJagtap, as the chairman of the bank to follow the path of progress.
In the year 1996, Shri. GulabraojiJagtap was elected as a chairman of the bank and that following year bank scored the deposit worth Rs. 24.42 crores and awarded loans worth Rs. 11.14 crores and the business was regularized from Four(04) initial braches of the bank.
Hon. Shri. GulabraojiJagtap instantly initiated the goal of improvisation and customer service system of the bank. All the branches got a computerized and air-conditioned set-up. A few particular branches were providing 12-hour banking facility on all 7 days a week, which under his guidance received a tremendous over-whelming response. The whole team of Shri. GulabraojiJagtap was successful in gaining trust of the customers towards the bank. It had provided its authentication and never incurred any illegal or fraud practices.
The next set of new branches were opened in a considerable remote places where existing banking sectors banks were not existing and the commitments as promised to the customers were accomplished. The labour workers also invested their faith in Shri. GulabraojiJagtap’s vision of expansion and the bank’s turnover kept increasing. The bank started funding loan requests of Mathadi workers, self-employed population, rickshaw drivers, small scale businessmen which gave them a freedom to become self dependent. Eventually, bank was felicited with a diverse range of awards for its administration.
Hon. Shri. GulabraojiJagtap followed the great Mahatma Gandhi’s preaching of “Move towards Villages”, for the exploration of bank’s business. This following was applied within the city, around places where no other financial institution was ready to bank since them being the slum and backward localities. They were not expecting any profit for business and kept the deserving population from such areas deprived of basic banking facilities and benefits involved from the bank. After recognizing this pitiful condition, The Hindusthan Co-op. Bank Ltd., decided and successfully opened its branches in various remote and slum areas in and around Mumbai,Thane and Raigad District, as the major amount of labour workers were residing in such locality.
Under Hon. Shri. GulabraojiJagtap’s vision and guidance, the bank is successfully operated through 19 branches around Mumbai with a cumulative deposit of Rs.642.50 crores and loaning worth Rs. 356.82 crores. The bank has set a target of Rd. 1000 crores by March 2014, and is already in process for achieving it’s target.
The Hindusthan Co-op. Bank Ltd., has achieved a great position in co-operative banking sector. We have already incorporated all the latest technologies and facilities to be provided by its system and operations like CBS, any bank ATM, RTGS, NEFT, SMS-banking . A healthy bond between the customer and the bank is given the prime importance and bank aims to satisfy the customer requirement at every level.