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The Bharat Co-operative Bank (Mumbai) Limited was formally registered on June 9, 1977, and began its banking operations in Mumbai on August 21, 1978, with a modest capital base of Rs. 6.32 lakh. The bank was sponsored by social workers associated with The Billawar Association, Mumbai, a charitable institution, with a core objective of promoting social justice and welfare by extending banking services to the masses, particularly the middle and low-income groups. Its founding vision was ambitious, intending to serve the entire country, which was symbolised by its original logo featuring the bank's initials embedded on the map of India. This vision was later actualized when the bank was conferred with Multi-State Status by the Central Registrar in September 1997, after the Reserve Bank of India (RBI) had granted it scheduled status in April 1996.

Today, Bharat Co-operative Bank (Mumbai) Ltd. operates as a Multi-State Scheduled Co-operative Bank. Being a co-operative bank, it is classified as a private sector bank as it is owned and operated by its members (shareholders) and is not owned by the government. It is regulated by both the RBI and the Multi-State Co-operative Societies Act. The bank holds significance in the Indian financial system as a leading multi-state urban co-operative bank and has been recognized for pioneering technological adoption, notably being the "First Urban Co-operative Bank" to successfully implement a Core Banking Solution (CBS), which allowed for "Any Branch Banking" services. It maintains a presence across states like Maharashtra and Karnataka and focuses on a 'banking with purpose' mission, emphasizing social responsibility, community upliftment, and financial inclusion for the common man.