A dedicated group of social workers and labour movement activists, imbued with the spirit of service to the cause of mill workers, other industrial and hitherto neglected economically weaker sections of society started Abhyudaya Co-op. Credit Society Ltd. in 1964, with a small share capital of Rs. 5,000. The area of Kalachowki, Sewri, Parel and their surroundings were predominantly populated by low income industrial labour and lower middle class people at that time. In a short period of time Abhyudaya Co-op. Credit Society got converted into an Urban Co-op. Bank. Finally in June 1965, Abhyudaya Co-op. Bank Ltd. was established with the motto of "Prosperity through Co-operation".
The Bank was conferred with Scheduled Bank Status by Reserve Bank of India in September 1988. Over a span of 51 years, it became one of the leading Urban Co-op. Bank in the country with branches in Metropolitan Mumbai, Navi Mumbai, Pune, Thane, Raigad, Nagpur, Nashik, Nanded, Kankavali, Aurangabad, Ahmednagar & Pen in Maharashtra State, Vadodara and Ahmedabad in Gujarat State, Udupi and Mangalore in Karnataka State. On 11th January, 2007 the Bank was registered as a MultiState Co-op. Bank by the Central Registrar, New Delhi. The area of operation of the bank is confined to 3 States - Maharashtra, Gujarat and Karnataka. The merger of Shree Krishna Sahakari Bank Ltd., Vadodara, Gujarat State, Janatha Co-op. Bank Ltd., Udupi, Karnataka State and Manekchowk Co-op. Bank Ltd., Ahmedabad, Gujarat State has been effected.
Our Bank’s plunge to excellence in all directions will be powered by the VISION that provides overarching inspiration, The VALUES that serve to guide taught & action, The VITALITY that embarks on strategy formation & execution. The immense potential of our Bank will be realized by the distinctive amalgam of the ‘Vision, Values & Vitality.
To continuously strive for synergy between technology, systems & human resources for providing products & services that meet the quality, performance & aspirations of the vast clientele & to maintain the highest standards of ethics & societal responsibilities, constantly innovate products & processes & develop teams that keep the momentum going to take the Bank to excellence.
As on 31st March 2020, the bank has more than Rs. 2.23 lakh members and more than Rs. 17.30 lakh Depositors. As on 31st March 2020, total business mix of the bank has reached over Rs. 17,492 Crore. As on 31st March 2020, Bank’s Deposits have reached upto Rs. 10,838 Crore while Advances have reached upto Rs. 6,654 Crore. The Bank has maintained a ratio of CASA Deposits to Total Deposits as high as 37.55%. The strength of the Bank is reflected in the fact that it’s Paid up Capital and Reserves & provisions have amounted to Rs. 1380 Crore and Investments are to the tune of Rs. 3,508 Crore. The Capital Adequacy Ratio maintained by our bank is as high as 12.60%.
The Bank has launched its interactive website for easy accessibility of various products & services for its customers. Bank has successfully implemented Core Banking Solution (CBS) technology, through this technology the bank is offering Any Branch Banking Service to the customers. Bank is offering Abhyudaya Mobile Banking Service to its customer through which customer can do Self, Intra, Inter & IMPS Fund Transfer. Customer can check balance mini statement, cheque request & host of services through Mobile Banking service. Bank customers can transact cash, transfer of fund, clearing, remittances, etc. from any branch of the bank. Bank is offering Abhyudaya RuPay Debit Card which can be used for cash withdrawals, mini statements, balance enquiry and can be used at Point of Sale terminals for merchant transactions. The bank has offsite ATM’s installed at Abhyudaya Nagar & Ghatkopar. Bank is providing all types of Foreign Exchange & Money Transfer Services such as MoneyGram & Xpress Money. Bank is also offering Tele-banking and Internet Banking services. Customers of our bank can get monthly statement of account through email. Bank has installed Cash Deposit Machines at New Panvel, Vashi & Nehru Nagar, subsequently Bank will install Cash Deposit Machines at other Branches.
Bank has implemented Pradhan Mantri Jan-Dhan Yojana (PMJDY) for achieving the national objective of Financial Inclusion & providing banking services to common man. Bank has launched Pradhan Mantri Jeevanjyoti Bima Yojana - (PMJBY) & Pradhan Mantri Suraksha Bima Yojana - (PMSBY). Bank has registered itself with CPSMS (Central Planned Scheme Monitoring System) which is a project of Dept. of, Ministry of Finance; New Delhi for providing AADHAAR based Direct Cash Transfer Benefits (Subsidies) to the customers.
Bank has implemented / adopted other RBI Schemes such as RTGS, NACH, NEFT, Speed Clearing etc. Bank has taken corporate Agency of LIC of India , The New India Assurance Co. Ltd. and Religare Health Insurance. All types of life insurance policies of LIC , General Insurance policies of The New India Assurance Co. Ltd. & Health Insurance Policies are made available at all our branches.
Out of 111 branches, 59 branches are rendering all seven days a week service to the customers. Our customers are free to operate on other banks ATMs through NFS Network of more than 2.22 Lakh ATMs and customers of other banks can transact from 114 ATMs machines installed by our bank. The Bank has offsite ATM’s installed at Abhyudaya Nagar & Ghatkopar. Bank is also offering Demat, Pan Card Facility, & Online Tax Payment Services through network of our branches. From two branches viz. Vashi & New Panvel 'Franking' facility is made available for the general public.
Bank is having its own fully equipped staff training college at Vashi premises whereby the talent of the staff members and officials are groomed to make them competitive to face the challenges in the Banking Sector.
Bank has started financial Literacy Cell, at Vashi under its customers education initiatives. With an intention of providing better customer service bank has taken various steps such as introduction of toll free number (1800- 22- 3131) for the convenience of the customer where by customer can get all information pertaining to the products & services of the bank, missed call facility for balance enquiry on Toll Free number (1800-313-5235), Card Hot listing Number (9223110011) conducting customer meets at regular interval, formation of separate customer care dept., special counters for Sr. Citizens and handicapped customers etc.
With the expanding horizons, continuous developments and competition the bank proposes to become full fledged financial service provider, fulfilling requirements of customers and other stakeholders by providing all allied services, as permitted by the regulatory authorities. The Bank has adopted advanced technology for providing faster and convenient services to clients. These major long term proposals will enable the bank to increase its market share and better fulfillment of expectations of all the stakeholders.
Paid up Capital & Reserves