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The smoke was noticed on the fourth floor of the six- storey building at around 4.40 PM, said the fire brigade officials.
The officials said four fire engines and three water tankers were rushed to the building, over 100-year-old, that houses the main Mumbai branch of Bank of India and pressed into service to douse the blaze.
As per a bank official, at the time of the incident, there were around 300 people inside the building, who were safely evacuated.
"We were busy winding up the daily work, when we heard a blast-like sound but ignored it as it seemed a trivial issue. Meanwhile, a fire fighting system kicked in and our colleagues started shouting about the blaze, so we left the office immediately," another bank official said.
The fire was brought under control tonight and cooling operations are underway.
"Four fire engines, five water tankers, two special ladders were pressed into service," Chief Fire Officer P S Rahangdale said adding that the effective and prompt fire fighting resulted into stopping the spread of the blaze.
He said the fire was confined to electric wiring, electric installations, documents and records, computers, air conditioning units and the server room in an area about 6000 sq ft on the fourth floor of the building.