History about Co-operative Banks in India:
The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas. These banks, till 1996, were allowed to lend money only for non-agricultural purposes. This distinction does not hold today. These banks were traditionally centered around communities, localities work place groups. They essentially lent to small borrowers and businesses.
Today, their scope of operations has widened consider. The origins of the urban cooperative banking movement in India can be traced to the close of nineteenth century when, inspired by the success of the experiments related to the cooperative movement in Britain and the cooperative credit movement in Germany such societies were set up in India.
Cooperative societies are based on the principles of cooperation, mutual help, democratic decision making and open membership. Cooperatives represented a new and alternative approach to organization as against proprietary firms, partnership firms and joint stock companies which represent the dominant form of commercial organization.
The Malviya Urban Co-operative Bank Ltd., Jaipur commenced its banking business on 24th January 2000, banking business licence registered with the Reverse Bank of India vide registration No. UBD. Rajasthan 0003 (P) dated 29.10.1999. The bank is a profit running entity since its inception.
To serve the customers of the bank in a better way we have adopted latest technologies. All the branches are on Core Banking System (CBS) to keep pace with the latest technology and also have shown willingness to accept latest trends to keep pace with changing times.
The Bank has a successful track record of paying uninterrupted dividend to its share-holders since _____. Last dividend payout was @ 10% for the year 2017-18.
The Bank has robust asset portfolio in as much as the net Zero NPA since inception.