55 years ago, a community decided to take its finances into its own hands.
Where It All Began
The Hindusthan Co‑op. Bank Ltd. was inspired by India’s Independence movement. Just as the nation fought for freedom, the hardworking Mathadi Kamgaar (head‑load workers) began their own struggle for fundamental rights.
🌱 The Beginning
Before this movement, Mathadi workers had no access to fair credit. They borrowed from moneylenders at very high interest rates just to meet basic needs. Despite working hard, they could not clear their debts because of unfair practices.
Taking inspiration from the Independence movement, the workers realized this injustice. To meet their daily needs, they each contributed ₹1 per share and formed a Co‑operative Credit Society. This gave them loans at reasonable rates and united them into a strong force. This unity led to the establishment of the Mathadi Law in Mumbai.
🏛️ Visionary Leadership
During this time, leaders like Shri. Krantisinha Nana Patil gave the movement direction. The Mathadi Board was formed, and under the guidance of Shri. Yashwantrao Koli, Shri. Raosaheb Kalke, Shri. Haribhau Thombare, Shri. Shankarrao Shinde, Shri. Gajananrao Dhamal, and others, the Credit Society was converted into a Co‑operative Bank.
On 25th March 1970, The Hindusthan Co‑op. Bank Ltd., Mumbai officially came into existence.
The vision was clear: free Mathadi workers from moneylenders and provide facilities under RBI rules — loans for education, housing, and daily needs.
🌍 Expansion into Labour Areas
The Board of Directors took an oath to serve the labour class. They opened branches in areas like Trombay, Dharavi, Shivajinagar‑Govandi, and Bhandup — places avoided by other banks. Former directors Shri. Raosaheb Kalke, Shri. Yashwantrao Koli, and current director Shri. Prakash Narvekar played key roles in this success.
📈 Challenges & New Leadership
In 1990, India's economy liberalized, bringing big changes to banking. Many banks struggled. At this crucial time, the Mathadi workers entrusted leadership to Shri. Gulabraoji Jagtap.
In 1996, he was elected Chairman. That year, the bank achieved deposits of ₹24.42 crores and loans of ₹11.14 crores, operating from four branches.
🚀 Modernization & Customer Trust
Shri. Gulabraoji Jagtap focused on modernization and customer service:
- All branches were computerized and air‑conditioned.
- Some branches offered 12‑hour banking, 7 days a week, which received overwhelming response.
- The bank built strong trust, maintaining transparency and avoiding fraud.
🌐 Reaching Remote & Slum Areas
New branches were opened in remote and slum localities of Mumbai, Thane, and Raigad, where other banks refused to go. This fulfilled promises to customers and gave Mathadi workers, rickshaw drivers, small business owners, and self‑employed people access to loans.
The bank funded education, housing, and self‑employment, helping people become independent. It also received many awards for administration.
🌟 Gandhian Vision
Following Mahatma Gandhi's principle of "Move towards Villages", Shri. Gulabraoji Jagtap expanded banking services to underserved areas. The bank opened branches in slums and backward localities, ensuring financial inclusion for those deprived of basic banking.
🏆 Achievements
Today, the bank operates 26 branches across Mumbai.
- Deposits: ₹979.90 crores
- Loans: ₹544.29 crores
- Networth: ₹58.07 crores by March 2026
- Adopted modern facilities: Core Banking System (CBS), RTGS, NEFT, IMPS, SMS Banking, and ATM/POS/ECOM services.
The Hindusthan Co‑op. Bank Ltd. has earned a respected position in the co‑operative banking sector. Its priority remains building a healthy bond with customers and fulfilling their needs with trust and transparency.