Bombay Labour Cooperative Bank
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Bombay Labour Cooperative bank was founded in the year 1968 by trade unionist George Fernandes with an objective to contribute to the socio-economic progress of the workers and small to medium entrepreneurs. In the year 1967, Fernandes was invited to visit West Germany where he was inspired by the model of the German Labour Bank, which was a bridge between workers and businessmen.
On returning from West Germany, he mooted the idea of starting a worker's bank to his comrades and the bank started with 555 members who contributed the original share capital of Rs. 1 lakh in total. The bank was renamed as the New India Co-Operative Bank Limited in the year 1977.
