Media Release

Bangalore, Feb 15: The 34th branch of the Bharat Cooperative Bank (Mumbai) Limited, is opening at Jayanagar here on the Thursday February 18.

Located at Shiva Sadan, 9th Main Road, 5th block, it will be inaugurated by Jaya C Suvarna, former chairman of the bank and Vasudeva R Kotian, the present chairman of the bank. 

Chairman Vasudeva R Kotian, Vice Chairperson Rohini J Salian

Bharat Bank, had commenced its banking operations with a capital base of Rs 6.32 lac from its present registered office at 64/72, Mody Street, Fort, Mumbai - 400 001 on August 21,1978. 

In the year 1978, several young, enthusiastic and like-minded social workers associated with The Billawar Association, Mumbai, a leading Charitable Institution, promoted the Bank. 

The Bank was established with the intention of promoting social justice and welfare, and to take banking to the masses, especiallythe middle class and low-income groups of the people, towards improving their standards of living.  In the initial stages, it was indeed difficult to collect even the nominal share amount of Rs.10 per share from the members.  Now, the Bank has been enjoying enormous confidence and loyalty from its members, depositors, well wishers and the general public.  The Bank has made enormous progress in its banking business during the period of 32 years of its existence due to the confidence bestowed on it by the people at large.  Now, a common man has no hesitation to invest his hard earned money in Bharat Bank for safety and better returns.

CEO J C Poojari, Immediate Past Chairman Jaya C Suvarna

The Bank, which is now widely known for its excellent service, clean image and young team of enthusiastic personnel, has carved out a niche for itself, as one of the best banks in the metropolis, having a customer base of over12 lac. 
The Reserve Bank of India had conferred the ‘scheduled bank status’ to the Bank on April 22, 1996, and the Bank was subsequently registered as a multi-state scheduled co-operative bank on September 26, 1997.
 
The Bank had a deposit base of Rs 2226.64 crore, and advances of Rs 1497.90 crore as on March 31, 2009.  The Bank had earned a net profit of Rs 30.52 crore for the year 2008 – 2009, after making statutory provisions.  The Bank has declared an annual dividend of 15% consecutively since the last ten years.

The Bank has made appreciable progress in it banking operations during the last decade, in terms of opening of branches, mobilization of deposits, deployment of resources and profitability.  The shareholders have also benefitted due to the attractive dividends. The Bank has a capital adequacy ratio of 16.89% as against the RBI stipulation of 9% , and thus has been maintaining a strong financial solvency and networthiness.  The real or exchangeable value of the paid up share capital reserves of the Bank (net worth) as on 31st March, 2009 was Rs 250.43 crore.  The gross non-performing assets (NPAs) as on 31st March, 2009 was Rs 3362.18 crore, forming 2.24 percent of the total loans and advances and the net non-performing assets (Net NPAs) stood at NIL, forming zero percent of the net loans and advances.  There was no default in the maintenance of prescribed cash reserve ratio and statutory liquidity ratio since the inception of the Bank.  The Bank’s net profits after making statutory provisions for the year 2006-2007 was Rs.21.51 crore, Rs 26.15 crore for the year 2007-2008, and Rs 30.52 crore for the year 2008-2009.  Former chairman and present director of the Bank, Jaya C Suvarna, with his selfless social service and leadership qualities and with the able support of the present chairman, V R Kotian and vice chairperson, Rohini J Salain, along with the team of directors, has been leading the Bank to newer heights with the able support of the dedicated team of the Board of Directors and staff at all levels.  The total business of the Bank at present is Rs.4350 crore.

The Bank has at present, four branches in the state of Karnataka ie., three in Bangalore and one in Mangalore.  Two more branches will shortly be opened at Suratkal near Mangalore and Goregaon (west), Mumbai.