About us

During the period of an emergency in 1974-75 the nation was passing through very crucial circumstances. Despite of banks nationalization Since 1969 bank's timely assistance was not fully passing to the small individuals, rural artisans small entrepreneurs and SSI units hence the areas remained under developed. There were many people working at the Makarpura Industrial Estate at the time who had relevant knowledge & Skills required to start a small workshop of their own, but were not able to gather the financial resources for it. To overcome these difficulties a small group of enthusiastic and foresighted individuals got together in 1975 at the Makarpura Industrial Estate, Vadodara to form a co-operative bank with the sole aim to provide financial aid to the wannabe entrepreneurs in their estate. This thought gave birth to The Makarpura Industrial Estate Co-Op. Bank. Ultimately the dream came true and with such a great service oriented and development concept object The Makarpura Industrial Estate Co-Op. Bank was established on June 30, 1975.

The MIECB began from a small rented house (two 10 x 10 rooms and a kitchen turned into a storeroom) with a capital of ten lakh rupees, & paid up share capital of Rs. 99300/-, a second hand Tijori (safe) and just 465 accounts. Today the bank operates with a fully computerized new premises spread around 25,000 square feet area with a working capital of 72.76 crores, a high-tech safe and about 23306 accounts. The following are the progressive steps of the bank.

	Initially bank had under taken Light Bill Collection & Selling of Postal Stamps.
	Bank has started its journey with an initial profit of Rs. 1332.72 & today reached up to Rs.1.26 crores (Rs.1, 25,72,309.02) As on 31.3.2001.
	Bank shifted to new premises at 77, Community Hall from GIDC colony since 13.12.99.
	Since 30.8.89 bank became the member of Deposit Insurance and Credit Guarantee Corporation with an aim to provide protection cover to the depositors .
	Bank has started stage wise Computerization Since 1.7.1995
	Bank has opened their 1st Branch "Vrajdham Branch" at Manjalpur Vadodara from 11.5.97.
	Since 1.7.99 bank has received permission to accept Non-Resident External and Non-Resident ordinary deposits accounts.
	Bank started its functioning at very spacious New Building with Ultra modern facilities of Computerization & Centrally A.C. since 13.12.99.
	During the period 29.4.2000 to 30.4.2000 bank has celebrated Silver Jubilee Year of the Bank.
	Bank is placed under "A” rating under Audit carried out by Auditor from District Registrar Government of Gujarat since Its inception to till date (from 1975 to 2001).

The journey from a small house to a spacious big building surrounding With beautiful garden, full of hygienic atmosphere, fully computerization of work and with air-conditioned offices took not just 27 years of time but sheer hard work and the selfless service of the Directors of the bank, employees and whole hearted support of its members, customers and well-wishers, especially founder Chairman Shri Prahladbhai S. Shukla, and Shri Bipinbhai P. Patel present Chairman Who has also served as Managing Directors since the inception and Other very active and sincere colleagues who are with the bank since Their inceptions are the real Architect/Pioneer of the Bank who had Rendered their loudable efforts and carved a niche in Co-Operative Banking annals. Their purpose was to support to skillful technicians And help them to become self-reliant to begin with their own little Workshop. The purpose has been rightly served since many years, for with aid of the many loans that the bank has provided, a number of workshops began have now gradually developed into a full-fledged Industry. Today the dream has come true and our bank has come a very powerful instrument in the overall development of the industrial area. Our bank's share in the industrial development in this vicinity remains more then 50%. The following statics are highlighting the bank’s performance/share as on 31.3.2001.

Although being the Chairman / Managing Director & Directors of the bank, they cannot apply for a loan with the MIECB (Bank) and cannot even act as guarantors for any one seeking a loan from the Bank. This rule has been since the inception of the bank to ensure transparency and curb any corrupt practices that may arise. The Chairman and all the directors do not even receive any salary or any means of financial reimbursements from the bank for their services. All of them are working honorary for the bank. They are rendering their services for overall development of the bank with great zeal, zest and with great love and affection towards the bank.

The Makarpura Industrial Estate Co-Op. Bank has the most unique way to deal with defaulters. They do not believe in approaching the legal courts that take a long time to solve a case. Rather, they would approach the person concerned personally, sit and discuss with him the Problem and try to guide him on the ways he can begin repaying the Loans. The entire Makarpura Industrial Estate community comes to Rescue, the bank also might reschedule the payment in the wake of Inflation, slack in the business or any natural disaster. Thus the Banks tries to carve out a win-win situation, rather than pursuing the legal route.

Bank is paying utmost attention towards the social & Welfare activities for cultural/social/educational developments and also to provide aids at the time of natural calamities. Bank has always come forward to provide timely and need based aids to individuals, Social organizations, trusts, NGOS as a part of fulfilling social obligations and with a sacred aim for the upliftment of the community during the last 10 years bank is able to provide aids of Rs. 49.36 Lacs to 67 beneficiaries. (Including individual, institutions & NGOS) Bank is also very actively participating in most benevolent humanitarian medical activities undertaken by The Makarpura Industrial Estate Charitable Trust.Bank is also having welfare activities for their members as a Marnottar Sahay, Educational awards, Sports awards. As a part of these activities bank has been able to provide supporting aid to 246 beneficiaries amounting Rs. 6.94 lacs. Bank has never ignored the environmental development more particularly in respect of controlling/improving the pollution in entire GIDC area. As a part of these activities during the Silver Jubilee Celebration Year as a joint venture with Vadodra Chamber of Commerce & Industry Bank has paid an important role in making Green GIDC by way of the “TREE PLANTATIONS” in the GIDC vicinity.

Customer's complaints are being directly dealt by 'Branch' authority as well as Managing Committee. Despite of not having any separate consumer redressal committee, bank’s board is paying very sincere attention in solving the customers problem as a spot solution and also constructive/ active suggestions are being implemented through the resolutions in annual general meeting.

Bank is marching ahead and ahead and will always march with it spirit of development concept. The process of development will never stop and we pray to the Almighty to provide a more strength to

maintain as well as to build a further more successful/remarkable organization, which will, really prove to be a boon to the society.

	Share Holders of the bank have increased to 7387
	The bank has provided financial facilities to 2348 borrowers to the tune of Rs. 32.05 crores.
	Deposit has increased up to Rs.49.54 crores having 23306 accounts.
	Statutory and other Reserves has reached up to Rs. 8.50 crores.
	Working fund has reached up to Rs. 72.76 cores
	Paid up Share Capital has risen to Rs.1.32 crores.
	The level of NPA of the bank is very negligible i.e. 0.54% and in Amount Rs. 17.28 lacs.
	Profit has increased to Rs. 1.26 crores.
	15% Dividend is paid to the Share Holders since last 7 Years.
	Bank has employed 50 skillful employees.