The Mogaveera Co-Operative Bank

Cooperative Retail Bankingmogaveerabank.com

Company typePrivate
Founded1946
HeadquartersMumbai, India
Headcount101–250
GTM typeB2B and B2C
OfferingServices

The Mogaveera Co-Operative Bank firmographics

Firmographics

Name: The Mogaveera Co-Operative Bank
Legal name: The Mogaveera Co-Operative Bank Ltd.
Website: https://mogaveerabank.com
Company type: Private
Founded year: 1946
Operating status: Operating
Headcount range: 101–250 employees
Ownership category
akta.pro rank

The Mogaveera Co-Operative Bank industry classification

Industry

Product category: Cooperative Retail Banking
NAICS: Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)
SIC: Savings Institutions, Not Federally Chartered (6036), Personal Credit Institutions (6141)
akta.pro primary industry: Deposit Operations (Account Maintenance, Fees, Reconciliations) (FSABALAE)
akta.pro secondary industry: Loan Operations & Servicing (Consumer/SME/Corporate) (FSABALAD)

Keywords

Cooperative banking services
Retail banking services
Fixed deposit schemes
Personal loan products
Digital banking services

Where The Mogaveera Co-Operative Bank is headquartered

Location

Headquarters

HQ city: Mumbai
HQ country: India
HQ region: Asia

Offices12 records

Markets served

The Mogaveera Co-Operative Bank business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

Interest Income from Loans: The bank earns interest income from various loan products including housing loans (8.25%), gold loans (9.00%), vehicle loans (10.00%), mortgage loans (13.00%), and educational loans. Interest rates vary based on loan type and customer category.
Deposit Interest: The bank accepts deposits including savings accounts, current accounts, fixed deposits, recurring deposits. Interest rates on deposits include special rates for senior citizens (0.25% additional) and cooperative housing societies.
Fee-based Income: The bank charges fees for various services including ATM card issuance (Rs. 200 plus GST), processing fees on loans (1% for gold loans and mortgage loans), demand draft facilities, and other banking services.
Insurance Services: The bank facilitates sale of life insurance, health insurance, and general insurance products to customers through partnerships.

Pricing tiers

Model	Billing	Price
Subscription	Monthly	Gold Loan at 9% p.a. with 30% margin
Subscription	Monthly	Mortgage Overdraft/Loan at 10-13% p.a. based on amount and credit rating
Subscription	Monthly	Housing Loan at 8.25% interest rate
Other	Annual	RuPay ATM Card with annual fee Rs. 200 plus GST
Subscription	Annual	Fixed Deposits with auto-renewal and loan facility

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

The Mogaveera Co-Operative Bank product offering

Product offering

Core offering

The Mogaveera Co-Operative Bank is a member-owned cooperative bank founded in 1946 that provides a full suite of retail and small-business banking products, including demand and term deposits (current account, savings, salary, fixed and recurring deposits with segment-specific variants), secured and unsecured lending (housing, vehicle, gold, mortgage, education loans), digital fund transfer services (IMPS, NEFT, RTGS) and allied services (RuPay debit cards, safe deposit lockers, demand drafts, tax payments, and insurance). It serves over Rs. 1,000 crores of business through 11 branches in Mumbai and Thane district and the MConnect mobile/online banking channel.

Product overview

The Mogaveera Co-Operative Bank is a Mumbai-based cooperative bank established in 1946 offering a comprehensive suite of banking products and services. The portfolio includes deposit products (Current Account, Savings Account, Salary Account, Society Plus Account, and specialized accounts for students, senior citizens, women, and children), fixed and recurring deposit schemes (Akshaya Account, Recurring Deposit, Amrit Nidhi), and lending products (Housing Loan, Mortgage/Loan Against Property, Vehicle Loans, Gold Loan, Educational Loans). Additional services include IMPS/NEFT/RTGS fund transfers, RuPay debit cards, tax payment services, demand draft facilities, safe deposit lockers, and general insurance products. The bank operates 11 branches across Mumbai and Thane district with a business of over Rs 1,000 crores.

Differentiator

Problem solved

Functional benefit

Brands

MConnect: Mobile banking application rebranded from 'MogaVision' to 'MConnect' w.e.f 01/04/2024
MogaVision

Products and services

Current Account Demand deposit account for businesses and organizations to manage daily banking transactions.
Salary Account (MOGA Salary Account) Salary account for SMEs and corporates with minimum 5 employees for salary credit, featuring RuPay card, free cheque books, and retail loan concessions. Doorstep service for opening formalities at employer premises.
Savings Bank Account Basic savings account for individuals to deposit and withdraw funds with interest earnings.
Society Plus Account Exclusive account for Co-operative Housing Societies with preferential FD rates, no premature FD closure charges, dedicated relationship officer, and value-added services including health camps and investment counselling.
Vidya Student Account Dedicated savings account for students aged 14-24 years with simplified KYC flexibility, free career counselling sessions, PAN card application at concessional rate, and RuPay card facility.
Unnathi No Frill Account No-frills financial inclusion account for daily wage earners, domestic help, vegetable vendors, and cobblers; minimum balance Rs 100 with no non-maintenance penalty and Rs 50,000 transaction limits.
Golden Age Account Exclusive savings account for senior citizens aged 60+ with additional 0.25% interest on FDs, dedicated relationship officer, home delivery of passbooks and FD certificates, separate queue facility, and waiver of charges.
Sakhi Women's Account Exclusive account for women with Rs 250 minimum balance, safe deposit locker priority, waived RTGS/NEFT/DD charges for 5 requests per month, preferential interest rates, gold loan processing fee waiver, and dedicated lady staff member.
Kiddoz Account Exclusive recurring deposit account for children aged 0-14 years, enabling parents to save regularly for future needs with tax benefits and optional child insurance plans.
Akshaya Account (Fixed Deposit) Auto-renewal fixed deposit scheme that multiplies investments with high returns, available for individuals, firms, and co-operative housing societies, with loan facility up to 90% of accumulated deposit.
Recurring Deposit Monthly savings deposit for 12-60 months at the same interest rate as fixed deposits, enabling loans up to 90% of accumulated deposit and accrued interest.
Amrit Nidhi (400-day Term Deposit) 400-day term deposit scheme with monthly, quarterly or cumulative interest payout options at 7.10% p.a. for general public, with additional 0.50% p.a. for senior citizens and co-operative housing societies.
Housing Loan Loan for buying a new flat, row house, constructing a bungalow, or purchasing a resale flat; interest rate starting at 8.25% p.a.
Mortgage Overdraft / Loan Against Property Overdraft and loan facility against immovable property collateral for business, education, marriage or consumption purposes; interest rates 10-13.50% p.a. based on amount and credit rating, tenure up to 120 months.
Vehicle Loan Loans for new vehicles at interest rate of 10.00% p.a. with reasonable terms.
Gold Loan Loan against gold ornaments and jewelry at 9% p.a. interest, 30% margin, 36-month term loan or 12-month overdraft facility; processing fee 1% of loan/overdraft plus GST.
Vidya Educational Loan Education loan up to Rs 10 lakhs for domestic studies and higher for abroad, with preferential rates of 10.50% for female and 11% for male students; interest rate 9.50% headline.
Tax Payment Facility Branch service for paying all direct and indirect taxes through the bank's branches.
Demand Draft Facility Demand draft drawing facility via Axis Bank partnership enabling customers to remit funds across the country through demand drafts.
Safe Deposit Lockers Secure locker facility available at multiple branches including Fort, Andheri (W), Goregaon, Borivali, Ghatkopar, Andheri (E), Kandivali, Sakinaka, Vikhroli and Dombivli.
General Insurance Services Life insurance, general insurance for home, office, vehicle and property, and health insurance for hospitalization coverage offered through insurance partner network.
RuPay Card Services RuPay debit card with 24x7 cash withdrawal from any RuPay-enabled ATM across India; annual fee Rs 200 plus GST with free transactions (3 in metro / 5 in non-metro) and tiered per-transaction charges thereafter.
MConnect Mobile Banking App Mobile banking application rebranded from MogaVision w.e.f 01/04/2024, providing customers with account access, fund transfer and banking services on mobile.
IMPS Fund Transfer Service Immediate Payment Service launched w.e.f 01/04/2024 allowing customers to instantly receive funds up to Rs 5 Lakhs 24x7.

Quantifiable outcome

Business of over Rs. 1,000 crores
+1 more outcomes

Companies that use The Mogaveera Co-Operative Bank

Customer profile

Segments7 records

Ideal customer profiles7 records

The Mogaveera Co-Operative Bank technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

The Mogaveera Co-Operative Bank partnerships and signals

Strategic signal

Partnerships

Five partnerships are on record, tiered core and minor.

IDBI BankcoreTechnology or IntegrationIDBI Bank provides host-to-host services for NEFT/RTGS fund transfers, enabling Mogaveera Bank customers to transfer funds to any bank's beneficiary account on real-time basis.
Axis BankcoreTechnology or IntegrationAxis Bank (formerly UTI Bank) offers Demand Draft drawing facility enabling Mogaveera Bank customers to remit funds to places all over the country through demand drafts.
Insurance PartnersminorStrategic or Co-development PartnerThe bank partners with leading insurance companies to offer life insurance, health insurance, and general insurance products to customers. Also offers customized child insurance plans through insurance partners.
Reserve Bank of India (RBI)coreOthersAs a co-operative bank regulated by RBI, the bank operates under RBI guidelines including the RBI Ombudsman CMS Portal for grievance redressal and DICGC deposit insurance.
Forex Partners (Cox & Kings)minorChannel Partner/ Reseller/ DistributorThrough forex partners like Cox & Kings Ltd, the bank offers home delivery of foreign exchange including currency, travelers' cheque, and travel card for customers, especially senior citizens and salary account holders.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

The Mogaveera Co-Operative Bank competitors and assessment

Company assessment

Direct peers

Saraswat Co-operative Bank: One of India's largest urban cooperative banks, headquartered in Mumbai with a multi-state branch network and a similar full-service deposit/loan/digital offering. Most directly comparable in scale, geography, and product mix to Mogaveera.
The Shamrao Vithal Co-operative Bank (SVC Bank): Mumbai-headquartered cooperative bank offering comparable retail banking, housing/vehicle/gold loans, and digital channels. Closely overlaps Mogaveera on target customer (urban salaried and retail), product suite, and regulatory profile.
Bharat Co-operative Bank (Mumbai): Mumbai-based cooperative bank serving retail and SME customers with deposits, loans, and locker services. Directly comparable operating model and segment focus to Mogaveera.
Cosmos Co-operative Bank: Multi-state urban cooperative bank headquartered in Pune with a comparable retail-deposit and secured-loan franchise. Relevant peer given shared cooperative structure, segment-specific products, and West-India operating geography.
Abhyudaya Co-operative Bank: Mumbai-based cooperative bank with a similar community-rooted operating model, retail loan and deposit products, and digital banking channels. Closest peer for branch footprint and target segment overlap.
NKGSB Co-operative Bank: Mumbai-headquartered cooperative bank offering comparable retail banking, home/gold/vehicle loans, and digital services. Strong product-level overlap with Mogaveera's secured loan and CASA portfolio.
Punjab & Maharashtra Co-operative Bank: Multi-state cooperative bank with comparable retail deposit and lending products. Relevant peer for product breadth and digital banking, though it has faced past regulatory stress that is instructive for Mogaveera's risk profile.

Regional players

Thane Bharat Sahakari Bank: Thane-based cooperative bank operating in adjacent geography to Mogaveera with similar deposit and loan products. Regional overlap (Thane district) and shared cooperative structure make it a comparable regional peer.

Broad incumbents

Bank of Maharashtra: Public-sector commercial bank with deep Maharashtra branch presence and similar retail/SME product set. Represents the dominant incumbent competitor for Mogaveera's deposit and home loan customers in Mumbai/Thane.
HDFC Bank: India's largest private-sector bank, competing across the same retail deposit, housing, vehicle, and digital banking categories. Sets the pricing and UX benchmark Mogaveera must meet to retain its urban retail customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

The Mogaveera Co-Operative Bank compliance and trust

Trust signal

Compliance1 record

The Mogaveera Co-Operative Bank financial estimates

Financial estimate

Revenue estimate

Valuation estimate

The Mogaveera Co-Operative Bank leadership team

Management profile

Number of profiles

Profiles8 records

The Mogaveera Co-Operative Bank funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

The Mogaveera Co-Operative Bank M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Mogaveera Co-Operative Bank

What does The Mogaveera Co-Operative Bank do?

Is The Mogaveera Co-Operative Bank a public or private company?

The Mogaveera Co-Operative Bank is a private company. It is classified as management employee owned and is currently operating.

When was The Mogaveera Co-Operative Bank founded?

The Mogaveera Co-Operative Bank was founded in 1946. It employs 101 to 250 people.

Where is The Mogaveera Co-Operative Bank based?

The Mogaveera Co-Operative Bank is headquartered in Mumbai, India, in the Asia region.

How does The Mogaveera Co-Operative Bank make money?

Four revenue lines are on record. Interest Income from Loans are the primary driver. The others are deposit Interest, fee-based Income and insurance Services.

Who are The Mogaveera Co-Operative Bank's main competitors?

Direct peers on record are Saraswat Co-operative Bank, The Shamrao Vithal Co-operative Bank (SVC Bank), Bharat Co-operative Bank (Mumbai), Cosmos Co-operative Bank, Abhyudaya Co-operative Bank, NKGSB Co-operative Bank and Punjab & Maharashtra Co-operative Bank. Thane Bharat Sahakari Bank is listed as a regional player. Broad incumbents are Bank of Maharashtra and HDFC Bank.

Does The Mogaveera Co-Operative Bank have an API?

No public API is recorded for The Mogaveera Co-Operative Bank.

What industry is The Mogaveera Co-Operative Bank in?

The Mogaveera Co-Operative Bank's product category is Cooperative Retail Banking. Its primary akta.pro industry code is FSABALAE, Deposit Operations (Account Maintenance, Fees, Reconciliations), with a secondary code of FSABALAD, Loan Operations & Servicing (Consumer/SME/Corporate). Its NAICS code is 52218 and its SIC code is 6036.