knowmyifsc.com

The Bombay Mercantile Co-operative Bank Ltd. (BMC Bank) traces its origins to 1939, when it was established as a co-operative credit society by social reformer Shaikh Mohammedally Allabaux and Zainulabedin Gulamhusain Rangoonwala. The bank's foundational objective was to promote financial inclusion for economically weaker sections of society, including small traders, artisans, and the self-employed, initially focusing on the Dawoodi Bohra Muslim community before adopting a secular outlook. By 1941, the institution had evolved into a full-fledged urban co-operative bank, officially taking the name "Bombay Mercantile Co-operative Bank Limited" in 1949.

The bank operates today as a Scheduled Co-operative Bank under the Multi-State Co-operative Societies Act, with ownership vested in its members, consistent with its co-operative structure. Its historical significance in the Indian financial system is notable; the bank was reportedly among the largest co-operative banks in the country at one point and achieved the distinction of being the first co-operative bank to be granted 'Scheduled' status by the Reserve Bank of India (RBI) in 1988. BMC Bank has played a critical role in micro-financing and supporting small-scale enterprises for underprivileged groups, and was also an early provider of foreign exchange services among co-operative banks.