Co-operative movement, in real sense has started in India from the year 1904 .This was as a result of new philosophy of ‘Co-operation’ which was evolved against the capitalism, unorganized money lending and discriminatory systems then prevailing in the Society. This BEST Society was formed and Registered on 19th Nov 1941 by 782 employees of then BEST Co, who were mainly working in Tramways Division, with the help and co-operation of Mr.A.S.Trolip then General Manager of BEST Co. This Company was providing passenger transport services and electricity.In 1947 this company became the undertaking of then Bombay Municipal Corporation and BEST Co became BEST undertaking and as a result name of society was changed from The BEST Co – op Credit Society Ltd. to The BEST Employees Co-op Credit society Ltd.

To encourage the members of society to save money and provide loan facility at lower interest rates to its members is the main objective of the society .As per present loan policy, subject to period of membership, Term loan, Additional loan and education loan not exceeding total loan of Rs.20 lakhs. is sanctioned with minimum paper work. Society has always ensured that various welfare activities are carried out for its members and their families by utilizing part of profit earned by the society. Though in the ‘free economy’ ‘No Loss – No Profit’ has become irrelevant concept, the Society has always ensured that while spending major portion of its profit earned for its members and their families ,it is also taking care of its social responsibilities

The concept of 'Five years planning' was adopted by Co-operative sector in 1951 and since then Co-operative movement has really developed in India. As BEST Undertaking was expanding its operations, their employee’s strength also increased and this resulted in to increase in membership of society and its share capital and financial resources. This society came into existence in 1941 in Colaba Depot of BEST and today it has grown to have its 7 Branches, Two office premises of its own in central location of Mumbai .It also owns six Bungalow’s at Hill Station Lonavala for the use and benefit of its members and their families. Today Society has a very sound financial position with annual turnover of Rs.816 Crs. consistently ‘A’ classification by its Auditors and with more than 30,000 Members, it is leading salary earners Co-op Credit Society.

This Society which has its membership of employee’s, staff and officers of BEST Undertaking which provides Passenger Transport services and Distribution of electricity to the citizens of Mumbai, is now entering in 81st year of its formation.