[1][2] Born on 1 July 1913 in Rangoon, Burma and orphaned at the age of twelve, Rangoonwala had his early education at a boarding school and after matriculation joined Davar's College for acquiring necessary knowledge in banking, co-operation and accountancy.

Rangoonwala felt that the real solution to the problem of freedom from slavery did not depend on the exit of the British alone, but in the economic emancipation of the masses at large.

Thus he pledged to serve the poor taxiwalas, small shopkeepers, petty traders and artisans who had no tangible securities to offer except their sincere and dedicated zeal to uplift their present lot.

Finding his strength in the neglected masses he made a humble beginning by establishing a Cooperative Credit Society on 2 June 1939 with a meagre paid-up Share Capital of Rs.

Rangoonwala, a firm follower of Gandhian principles and a true patriot was the first to open the doors of the Cooperative bank to all citizens of the country, irrespective of caste, creed and religion.

He coordinated efforts with the Prime Ministers relief funds whenever calamities had befallen different parts of India and brought healthcare to villages where it was previously unheard of.

[7] Rangoonwala was the first banker to be honoured with the Padma Shri, the fourth highest civilian award in the republic of India, in recognition of his services to the Cooperative Banking Movement.