The Mamco Bank, considered the lifeline of the economic sector of Malegaon city and Malegaon taluka—known as the Manchester of power looms—was established on 2nd October 1962, an auspicious occasion marking the birth anniversaries of Mahatma Gandhi and Lal Bahadur Shastri.

The inauguration was conducted under the chairmanship of Late Mr. Lalchandji Hirachand Doshi, and the ceremony was graced by the then Finance Minister of Maharashtra State, Mr. S. G. Barve.

Prominent dignitaries present at the event included Late Vynkateshrao Hire, Late Dadasaheb Potnis, MLA Sabir Sattar Seth, Kashinath Sheth, Mangaldas Bhavsar, and Bhagchandji Lodha.

The main promoter and founder of the bank was Harilal Bhilashedh Asmar, and the inspiration behind the bank's establishment was Late Mr. Bhausaheb Hire.

Before the establishment of Mamco Bank, there were only 2 to 3 private banks in Malegaon city. The primary businesses in the city were the colored saree and textile industry, and agriculture was the main occupation in the taluka. At that time, the existing banks did not adequately provide credit to small entrepreneurs, traders, farmers, or the middle class. Moreover, banking services were not accessible to small and medium depositors. To meet the financial needs of the society and to provide better banking facilities to entrepreneurs and businessmen, a few visionary businessmen in the city decided to start a cooperative bank. As a result, the Mamco Bank was established.

The Silver Jubilee celebration in 1987 was held under the chairmanship of Late Mr. Ramkrishna Bajaj and was inaugurated at the hands of Hon'ble Chief Minister Shankarraoji Chavan. The chief guests at the event were Mrs. Pushpatai Hire, Kusumtai Chavan, Ratnappa Kumbhar, and Nihal Ahmed, along with the local MLA.

At that time, Mr. Harilal Bhilashedh Asmar was the Chairman and was felicitated by the Chief Minister. On this occasion, all members were gifted silver glasses as a souvenir, and a fund of ₹2 lakhs was created, out of which the Mamco Janakalyan Trust was established.

The founding Chairman was Harilal Asmar, and the Vice Chairman was Shankarrao Lingayat.

During this period, the bank’s operations continued to grow, and the trust of members and depositors in the bank steadily increased. To meet customer demand and bring efficiency in operations, new branches were opened in various parts of the city. In the bank’s Silver Jubilee year (1987), a grand building owned by the bank was constructed and named Mamco Bhavan.

Additionally, to provide banking services in the area where the Ravalgaon Sugar Factory and chocolate production units were located, a branch was opened in Ravalgaon. The bank currently has a total of 8 branches, and its operational area is limited to Nashik district.

All branches of the bank are computerized, and the bank also provides Demand Draft (D.D.) services across India. The bank takes special care to ensure the safety of depositors' funds by insuring the deposits. Additionally, prudent investments and proper loan disbursement are key features of the bank.

The bank has its own modern data center, to which all its branches are connected. The bank has introduced services such as SMS Banking, Any Branch Banking, RTGS/NEFT, ATM, POS, and E-Commerce. Additionally, also going to launch IMPS, UPI, Mobile Banking, Internet Banking facilities. Customers are encouraged to take full advantage of these services.

As of 31st March 2025, the bank recorded a profit of ₹ 171.97 lakhs. The total number of members is 21,528, and the share capital is ₹797.94 lakhs. The bank has total deposits of ₹28,357.12 lakhs and loans amounting to ₹14,094.97 lakhs. The working capital of the bank is ₹34,606.15 lakhs, with investments of ₹17,952.27 lakhs.

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