Shri Arihant Co-op Bank Ltd was founded by the Kutchi Dasa Oswal Jain Community for the financial benefits of its members and the public. In 1980, during a convention in Hubli, Karnataka, the community decided to establish a co-operative bank. Shri Laxmichand Ratani, Shri Virchand Munver, and Shri Pravin Khona were appointed Chief Promoters for the bank. A meeting was held in Mumbai to present and explain the bank’s formation plan, and the three promoters were unanimously appointed. An application was submitted to the Registrar of Co-operative Societies for bank registration. The Reserve Bank of India, the Registrar of Co-op Societies, and the Maharashtra State Co-operative Bank oversaw the promotion of co-operative banks.
Requirements for permission included enrolling a minimum of 2,500 members and a share capital of Rs 5.00 lacs. Enthusiastic individuals approached people door-to-door to enroll members and collect capital. After collecting a share capital of Rs 5.25 lacs and enrolling over 2,500 members, the bank’s registration application was submitted. The RBI changed the bank’s formation norms, limiting the operational area to S and T wards and reducing membership to 2,000 and share capital to Rs 4.50 lacs. About 81 individuals residing outside the designated area were delisted and received a refund for their share application money.The bank was registered on January 25, 1984, after significant efforts and hard work.
Shri Arihant Co-op Bank Ltd was founded by the Kutchi Dasa Oswal Jain Community for the financial benefits of its members and the public. In 1980, during a convention in Hubli, Karnataka, the community decided to establish a co-operative bank. Shri Laxmichand Ratani, Shri Virchand Munver, and Shri Pravin Khona were appointed Chief Promoters for the bank.
With 2000 members and a share capital of 250,000 INR, Arihant Bank was registered on January 25, 1984 and commenced its operations in S and T wards of Mumbai on May 17 of the same year. Shri Pravin D Khona, the founder, was named the Bank’s first chairman and Shri Dhanji B Bheda were appointed Vice Chairman.
The First Annual General Meeting of the bank was held on 9th November, 1985 when election was conducted for term of 5 years of the Board of Directors. Shri Pravin D Khona, Shri Dhanji B Bheda, Shri Dhanpati B Nagda, Shri Rajendra M Khona, Shri Kishor K Khona, Shri Niranjan K Momaya, Shri Narendra V Dharamshi, Shri Premchand M Sonawala, Shri Tarachand D Dharamshi and Shri Damji Jivraj Shah. For two reserved seats Shri Mahesh Barot and Shri Vijay N Chheda were appointed.
Since its incorporation, the Bank’s legacy has been to act as an active and leading partner in the socio-economic development of the region.
Today, Arihant Bank has 11 branches networks spanning Mumbai and adjoining districts.
The bank’s paid up capital is INR 8.41 Crore.