About Us

About Us

About Mahaveer Co-operative Urban Bank Limited

Mahaveer Co-operative Urban Bank Limited has aimed for trust and growth since 1999, striving to achieve customer satisfaction. The bank was registered as a Co-operative Society on October 24, 1998, under the Co-operative Societies Act, with Registration No. TA 1457. It applied for a license from the Reserve Bank of India, which was granted on January 22, 1999. The bank's first branch opened on April 28, 1999, at Feelkhana, Begum Bazar, Hyderabad.

Leadership and Management

Under the leadership of Mr. Ashok Kothari as Chairman, supported by his team of directors and Mr. Vijay Kumar Chowdhury as Chief Executive Officer, the bank embarked on its journey of progress. The bank has consistently paid dividends to its members, demonstrating stability and consistency. In the last two years, an 18% dividend was paid. On October 4, 2005, Mr. A. Purender Reddy retired, and Mr. Nandkishor Baheti took over as CEO, steering the organization towards continued growth.

The overall control and management of the bank rest professionally with the CEO, Committees of Directors, and the Board of Directors. Elections for the Board of Directors were held on February 26, 2010, resulting in the unanimous election of 13 directors, with one additional director co-opted by the board. Thirteen meetings of the Board of Directors were held during the financial year. The bank employs a total of 22 staff members, including 8 officers, 10 clerks/cashiers, and 4 sub-staff.

Services and Offerings

Mahaveer Bank offers attractive interest rates on deposits, with an additional 0.5% interest for senior citizens and charitable trusts. Deposits up to Rs. 1 lakh per individual are insured with DICGC. The bank issues drafts and at-par cheques for all centers in India and provides safe deposit lockers. Various loan schemes are available to meet the financial needs of customers, including housing, mortgage, education, vehicle, trade-business, gold loans, and loans against deposits.