Way back in 1984, a group of enthusiastic and co-operative minded people belonging to KDO Jain Community assembled and took a strong decision for launching a Co-operative Bank of their own in this great city of financial hub and monetary operations. The promotion work was entrusted to Shri Pravin D Khona, Shri Laxmichand S Ratani & Shri Virchand L. Munver.
The 1st branch was opened in May 1984 at Bhandup. Chief Promoter & founder Shri. Pravin D. Khona, a Chartered Accountant, was the first Chairman of the bank. Bank is headed by an experienced Chief Executive Officer Shri Dinesh Parekh having wide experience at Senior Level position in a prominent public sector Bank. He is aided by well experienced & qualified staff at Branches/Head Office.
The loan portfolio of the bank includes home loan, personal loan, educational loan, car loan etc.
PURPOSE – For Business /Profession Purpose
BENEFICIARY – Transport Operator
RATE OF INTEREST – For new trucks 13.00% per annum and for vehicles more than three years old the interest rate is 13.50% per annum
MARGIN – For new trucks 10-25% and for Vehicle is not more than 3 years old 50%
REQUIREMENTS – application Form, balance Sheet for last 3 years,
Tax Papers, Property Documents.
OTHER CONDITIONS – Bank’s Shares to be purchased; Two Guarantors with Net worth / Income.