History of the Bank

Soon after the liberation of Goa when Co-operative movement was just taking its roots on the soil of Goa, a group of about 27 prominent citizens of Mapusa gave birth to a Co-operative Banking Institution called “The Mapusa Urban Co-operative Bank Ltd.” It was established on 09.12.1965. On 23rd March, 1966 on the auspicious day of Gudi Padwa, this Urban Bank commenced its first branch in the small town of Mapusa. Necessity is the mother of invention. The Socio-economic condition that prevailed at that time was specifically conducive for a local Urban Co-operative Bank which could contribute to the socio economic upliftment of the people of Mapusa in particular and the people of Goa, Daman & Diu in general. The creative spirit of these prominent and enthusiastic pioneers gave a great inspiration to the people of Goa.

The main object of this Bank was to provide cheap credit to small traders, artisans, professionals and the middle class of people living in the area of its operation. This objective was fully met with the opening of the first branch and gradually it created a strong base by serving the people of Goa, Daman & Diu through its various branches in Goa. We were the first to start Evening Banking Services at Mapusa Branch from 6.00 p.m. to 8.00 p.m. w.e.f. 13.08.1977. This facility is in operation till date. The Branches were spread gradually one after another. By 1982 we served the people of North Goa through our 8 branches and crossed the Mandovi River to open our Panaji Branch on 26.03.1982 and then the Zuari River in February, 1986 to serve the people of South Goa. The bank now has twenty four branches and one extension counter in the State of Goa having its Head Office in its own premises at Mapusa. Subsequently, the Bank having grown in size, the Reserve Bank of India awarded the Scheduled Bank status on 30th January, 1998 and also the Multi-State status was granted w.e.f. 6th January, 1998.

The Co-operative movement spread with astonishing speed through the wide coverage of this Bank, which brought about material well being of the members and people at large.

Going back to its History, a small bank with its main objective to provide cheap credit to the people of Mapusa, has now a prominent place in the State of Goa. This bank provides Short Term, Medium Term and Long Term loans to its members for various non-agricultural purposes besides extending various kinds of banking facilities to its members and customers through its services. This bank is able to attract large amount of deposits from the members and non-members.

The Bank is extremely popular among the small traders, businessmen, Government employees, housewives and so on. The Bank has devised a Special Scheme for salaried people and has thoroughly overhauled the process of availing the loans speedily by government servants, semi-government servants and corporate employees. The scheme comprises of swift opening of Savings Bank Accounts by the concerned employees to which their salaries are credited on applied date which in turn enables the employee to avail of loans for meeting the expenses of purchasing white goods and other expenses. This scheme has proved to be very popular among the salaried class.

The Bank has entered into Referral Arrangement with DLF Pramerica Life Insurance Co. Ltd. and Bajaj Allianz Insurance Co. Ltd. to sell their Insurance Products. This will result in increasing our fee based income. The Government of Goa, Social Welfare Department has entrusted our Bank with the responsibility of disbursing the monthly Pension under Dayanand Social Security Scheme and the Directorate of Art & Culture pension under Kala Sanman Scheme through Electronic Clearing System.

We also collect payments towards Electricity Bills and Water Bills and vehicle tax, passenger tax etc. for the Department of Transport for which we have made efficient arrangement within the premises of the RTO as well as our own branches.

We are providing RTGS facilities to our customers for easy transfer of funds. In order to meet the challenges of the times we have started Core Banking Services at all our Branches. With this facility in operation all our branches and extension counter as well as the Head Office are fully networked. This has enabled us to introduce the concept of Any Branch Any Time Banking. We will soon introduce SMS information module, internet account verification system, Internet Banking and ATM and many other electronic modules. Our own Data Centre has capacity to store Data to the extent of 1.8 TB. It can still be extended. As such we intend extending Data Warehouse facilities to our esteemed customers and smaller co-operative entities for a reasonable fee. In short our Bank now has the Technical and Electronic potential to stand shoulder to shoulder with any other bigger Bank. Coupled with our own HRD potential of experienced and dedicated staff, we hope to fully meet the aspirations of our members and general public and expectations of Government and Regulatory Authorities.

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