Innovative Co-operative Urban Bank Ltd was registered as an Urban Co-operative Bank with the Registrar of Co-operative Societies, Delhi under Delhi Co-operative Societies Act,1972 on 08.10.1998. Thereafter on 29.05.1999 the R.B.I granted licence to carry on the Banking business in Delhi. Subsequently, the then Minister of State Shri Bala Saheb Vikhe Patil most graciously inaugurated our Bank’s Branch on 05.12.1999.
The Innovative Co-operative Urban Bank Ltd was founded to cater to the financial needs of the small enterprises, retail traders, self-employed persons and weaker sections of the Society. The Bank has various attractive deposit schemes and also provides loans to it’s members for various purposes at a very attractive rate of interest.
Presently, the Bank is Governed by a Board of Directors comprising of Chair-person, Vice-Chairperson and 12 Directors . The profile of Directors range from being eminent social worker(s) , businessmen and experienced Chartered Accountants.
The Bank is governed by the Rules and Regulations framed by the Reserve Bank of India which is vested with various statutory powers of control and supervision over the Co-operative Banks under the Banking Regulation Act,1949
( As Applicable to Co-operative Societies).
Over the years, the Bank has made rapid progress to blossom into a renowned institution of Co-operative Banking industry in Delhi. The total no. of members as on 31.03.2013 is 3921.