About Us

Bait-Un-Nas'r was set up as an Urban Co-operative Credit Society, on Friday, 1st October 1976, under the Maharashtra Co-op. Societies Act, 1960. It was registered with the Registrar of Co-operative Societies to operate on banking lines, but without interest, with the registration number BOM/RSR/786 OF 1976. Since its registration, the Society has come a long way. It commenced its operations, from the office of MESCO, a socio-educational organization, with a meagre fund of Rs. 12,000/- only.

The Society functioned with dedication to the ideals of co-operation and provided interest-free thrift and credit services to members for a period of about 25 years. By May 2000, it had branches in 19 localities in the region of Greater Mumbai and its share capital had reached Rs.1.29 crores and its deposits had crossed Rs. 15.15 crores its operations were running very smoothly and it was rendering excellent services to its members and depositors.

During this period of 25 years there was no instance of irregularity or failure to meet its obligations on the part of the Society. The Society was considered as one of the leading co-operative credit societies of Mumbai and was constantly awarded with 'A' audit classification. It was also acknowledged as the best organized and managed financial institution in the country working on an interest-free basis.

Unfortunately in 2000, the Society had to suspend its operations. The Society was occasioned by the unfortunate circulation of unfounded rumours. Members and depositors falling victim to false news reports about the society published by a local newspaper, approached the branch offices of the Society en masse, demanding the return of their money.

The management of the Society made concerted efforts for immediate return of deposits. However, in spite of all liquidity with the management being consumed and efforts to call in outstanding loans and mobilize additional funds, the pressure of the members continued unabated. In some cases, on not being repaid their deposits immediately, depositors, turned violent. Observing several offices being attacked, the staff of the Society became fearful and refused to report for duty. Due to the violent behavior of the depositors and absence of sufficient personnel to man the counters they were forced to down the shutters.

The Revival of the Society

In year 2012, some members with the intention of seeing the Society re-start its operations so that the members could again reap the benefits which they had enjoyed from it earlier, approached the dysfunctional Board of Directors of the Society, seeking their co-operation in the mission of re-starting the Society. Since most of the Directors in past 12 years, reached an advanced age and were no longer in a position to take up the enormous responsibility of reconstructing and again running the Society, they expressed the desire that former staff members who had been earlier working at senior levels of management of the Society should be approached to take over the task. The senior employees consented to shoulder the responsibility to enable the Society to re-start its operations.

Most of the senior staff members had been earlier associated with the Society for long periods of the order of 20 years of selfless and sincere service. They had excellent relations with the ordinary members and were well versed with the functioning of the Society and its rules as well as the regulations governing the operations of the Society. They were also fully aware of the genesis of the problem that had led to the suspension of operations and hence best suited to lead the efforts for re-starting the Society by providing the initiative with the necessary expertise and determination. In response to the members' specific request to help in re-starting the Society, they prepared a detailed scheme for revival of the Society.

The Liquidator and Dy. Registrar agreed for the revival of the Society and called a Special General Meeting of the members on 7th Nov 2012 and presented the revival scheme (to pay off the liabilities of the depositors and creditors by selling some excess real estate assets of the Society, barring any branch premises) which was approved by the members present. The members present in the meeting also elected a new Board of Directors for implementing the revival scheme under the Chairmanship of Mr. Ibrahim Ansari . The Dy. Registrar, Co-operative Societies conducted the due diligence and then issued an Order for Revival of the Society on 21 December 2012.

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