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The Bassein Catholic Co-operative Bank Ltd. was founded on February 6, 1918, in Vasai, Maharashtra, initially established as a Credit Co-operative Society by the social reformer and Christian missionary, Rev. Msgr. P. J. Monis, alongside various social activists. Its core mission was to uplift the local society and bring financial freedom to the Vasai region, significantly impacting education, lifestyle, and financial stability. The institution evolved over the decades, converting into an Urban Co-operative Bank in 1966 and being granted "Scheduled bank status" by the Reserve Bank of India (RBI) in 1990.

As a Cooperative bank, the institution is owned by its members/shareholders rather than being a public or privately held commercial corporation. The bank's significance in the Indian financial system lies primarily in its role as a key Urban Co-operative Bank, offering banking services, promoting financial inclusion, and driving community-centric development, particularly in the Vasai-Virar region of Maharashtra. It remains a notable financial institution with a long-standing history, evidenced by its reported gross business of ₹11,960 crore and a member base of nearly 98,000 as of March 2021.