Bank History

PROGRESSIVE STEPS OF BANK DURING 27 YEARS

The MIECB began from a small rented house (two 10 x 10 rooms and a kitchen turned into a storeroom) with a capital of ten lakh rupees, & paid up share capital of Rs. 99300/-, a second hand Tijori (safe) and just 465 accounts. Today the bank operates with a fully computerized new premises spread around 25,000 square feet area with a working capital of 72.76 crores, a high-tech safe and about 23306 accounts. The following are the progressive steps of the bank.

»Initially bank had under taken Light Bill Collection & Selling of Postal Stamps.

»Bank has started its journey with an initial profit of Rs. 1332.72 & today reached up to Rs.1.26 crores (Rs.1, 25,72,309.02) As on 31.3.2001.

»Bank shifted to new premises at 77, Community Hall from GIDC colony since 13.12.99.

»Since 30.8.89 bank became the member of Deposit Insurance and Credit Guarantee Corporation with an aim to provide protection cover to the depositors .

»Bank has started stage wise Computerization Since 1.7.1995

»Bank has opened their 1st Branch "Vrajdham Branch" at Manjalpur Vadodara from 11.5.97.

»Since 1.7.99 bank has received permission to accept Non-Resident External and Non-Resident ordinary deposits accounts.

»Bank started its functioning at very spacious New Building with Ultra modern facilities of Computerization & Centrally A.C. since 13.12.99.

»During the period 29.4.2000 to 30.4.2000 bank has celebrated Silver Jubilee Year of the Bank.

»Bank is placed under "A” rating under Audit carried out by Auditor from District Registrar Government of Gujarat since Its inception to till date (from 1975 to 2001).

The journey from a small house to a spacious big building surrounding With beautiful garden, full of hygienic atmosphere, fully computerization of work and with air-conditioned offices took not just 27 years of time but sheer hard work and the selfless service of the Directors of the bank, employees and whole hearted support of its members, customers and well-wishers, especially founder Chairman Shri Prahladbhai S. Shukla, and Shri Bipinbhai P. Patel present Chairman Who has also served as Managing Directors since the inception and Other very active and sincere colleagues who are with the bank since Their inceptions are the real Architect/Pioneer of the Bank who had Rendered their loudable efforts and carved a niche in Co-Operative Banking annals. Their purpose was to support to skillful technicians And help them to become self-reliant to begin with their own little Workshop. The purpose has been rightly served since many years, for with aid of the many loans that the bank has provided, a number of workshops began have now gradually developed into a full-fledged Industry. Today the dream has come true and our bank has come a very powerful instrument in the overall development of the industrial area. Our bank's share in the industrial development in this vicinity remains more then 50%. The following statics are highlighting the bank’s performance/share as on 31.3.2001.

»Share Holders of the bank have increased to 7387

»The bank has provided financial facilities to 2348 borrowers to the tune of Rs. 32.05 crores.

»Deposit has increased up to Rs.49.54 crores having 23306 accounts.

»Statutory and other Reserves has reached up to Rs. 8.50 crores.

»Working fund has reached up to Rs. 72.76 cores

»Paid up Share Capital has risen to Rs.1.32 crores.

»The level of NPA of the bank is very negligible i.e. 0.54% and in Amount Rs. 17.28 lacs.

»Profit has increased to Rs. 1.26 crores.

»15% Dividend is paid to the Share Holders since last 7 Years.»Bank has employed 50 skillful employees.