Maharashtra Government Mandates Bank Accounts for Mumbai Housing Societies at Mumbai District Central Co-operative Bank

The Mumbai District Central Co-operative Bank Ltd. and The Mumbai District Central Co-operative Housing Federation Ltd. jointly organized an event called Sahakar Parishad for housing societies. The event, held on May 14, 2023, received an overwhelming response, with representatives from 13,000 housing societies in attendance.

Siddharth Kamble and Pravin Darekar

The Mumbai District Central Co-operative Bank Ltd. was appointed as the Nodal Agency and coordinator between the Maharashtra Government and housing societies. Under the guidance of Maharashtra CM Eknath Shinde and Deputy CM Devendra Fadnavis, Sahakar Parishad addressed various issues and made significant decisions.

One notable decision was the issuance of a revised Deemed Conveyance G.R. on May 31, 2023. Additionally, other decisions and government resolutions (G.R.) will be issued accordingly. According to the Maharashtra Co-operative Societies (MCS) Act, a circular was issued by the Divisional Joint Registrar, Co-operative Societies, Mumbai, on June 1, 2023. The circular mandated all housing societies to invest and maintain their Fixed Deposit (FD) investments with the Mumbai District Central Co-operative Bank Ltd., as per the relevant sections of the MCS Act.

Sub-Registrars were instructed to strictly adhere to the circulars instructions, aimed at strengthening the District Central Co-operative Bank and ensuring its stability. It is important to note that the Mumbai Bank serves as the apex bank for all co-operative societies in the Mumbai District.

All co-operative housing societies were encouraged to become account holders of the Mumbai District Central Co-operative Bank Ltd. and invest their Fixed Deposits with the bank. The bank offers various loan facilities for self-redevelopment, construction, repairs, payment of legal dues, solar plant installations, waste management plants, and more. It also provides an attractive interest rate of 7.75% for general , 8% for bulk deposits and 8.25% for senior citizens for a fixed deposit period of 21 to 24 months.

With 50 branches and three extension counters conveniently located in Mumbai District and the suburban city, the Mumbai Bank ensures accessibility for all residents living in housing societies. Individuals can approach their nearest branch for assistance or inquiries related to their investments.

The collaboration between the Mumbai District Central Co-operative Bank Ltd. and housing societies through Sahakar Parishad aims to foster the growth and development of co-operative societies in Mumbai District. By collectively supporting the housing community, they provide reliable financial services and assistance for various needs.