According to reports, the Brihanmumbai Municipal Corporation sent five fire engines and three water tankers to the spot, to douse the fire.
The Bank of India building, where the blaze is reported, is located near the Bombay high court.
"Around 40 bank staff and 30 customers were inside when we witnessed the fire smoke on the fourth floor. All of us came down and informed fire brigade. No one is inside the building", Bank of India DGM P K Sinha told a leading daily.
All employees of the Bank Of India were safely evacuated and no reports of any casualty were reported.