Bank History

The Panchasheel Mercantile Co-operative Bank was registered with the Registrar’s Office on 1st October 1973 having its founder directors (1) Shri Shashikantbhai D. Patel (2) Shri Arunbhai Banker (3) Shri Arunbhai Amin (4) Shri Jagmohanbhai K. Solanki (5) Shri Jayantilal B. Mehta (6) Shri Navinbhai Mehta (7) Shri Hemantbhai Chapatwala (8) Shri Ishaqbhai Saraiya and (9) Shri Bakulbhai Mehta.

Working on the principles of austerity, the basic objectives of bank were to promote frugality, raising money for advancing and to fulfill small financial needs of small and medium scale industries and handicraft business and artisans. One of its objectives was to free poor and salaried people from the trap of money lenders.

With jumble beginning on 14th February, 1974 in a rented premise at Ranitalav, it had 230 members, Rs.73000/- share capital, total deposits worth Rs. 4.2 lacs and total advaces of Rs.2.66 lacs at the end of the year. During the year the bank had working capital of Rs.5.02 lacs and it incurred loss of Rs.32,000/-.

Having witnessed many ups and downs during its initial period, during 1980-81 with the inspiration and leadership of social worker Shri Keshavraoji Deshmukh many nationalistic social workers took up the herculean challenging task of stabilizing and making the bank profitable that was once about to be closed. Their objective was to fulfill monetary requirements of the lower working class of people.

Due to the tireless efforts put by the nationalistic social workers, in 1990 the number of its members rose from 230 to 5560 and its share capital increased from Rs.73000/- to Rs.33.84 lacs. In the same year that is in 1990 the bank shifted from its rented premise in Ranitalav to owned premise in Belgium Tower. In 1993 the Bank started its first branch at Ranitalav, thus now it functioned from two places, head office at Belgium Tower and a branch at Ranitalav. In the year 1994 it started its second branch at Kailashnagar in Sagrampura in owned premise. A third branch of the bank was opened at Udhana Magadalla and in 2010 a fourth branch at Katargam in owned premise. The fifth branch of the bank started its operations in 2015 at Varachha road.

Thus, with the humble beginning in 1974 with 230 members, having share capital of Rs.73000/-, landing of Rs.2.66 lacs and working capital of Rs.5.02 lacs our bank today (31st March 2017) has 16161 members with share capital of Rs. 4,71,36,200/-, reserve funds of RS.17,23,83,337/-, deposits of RS.1,05,04,66,800/- and advances of Rs.46,82,56,859/-.