News/Photo: Rons Bantwal
Mumbai, Sept: 19: The 107th Annual General Meeting (AGM) of Model Co-operative Bank Ltd. was held on Thursday, 19th September 2024, at St Andrew’s Auditorium, St Dominic Road, Bandra (West), Mumbai. The meeting began with a short prayer service led by Fr Kinalia D'Souza, assistant parish priest, St Joseph’s Church, Juhu.
Chairman Albert W D'Souza presided over the meeting and extended a warm welcome to the shareholders, thanking them for attending and for their continued trust in the Bank.
Seated on the dais were vice chairman Maxim Pinto, directors Vincent Mathias, Paul Nazareth, Abraham C Lobo, Sanjay Shinde, Thomas D Lobo, Lawrence D'Souza, Pius Vas, Gerald Cardoza, Ancy D'Souza, Hilary L Mendonca, Fiona M Nazareth, Asha D'Souza, Ronald H Mendonca, and board of management members CA Elroy Rodrigues, Jude P Lobo, and advocate Sanna A Lobo.
In his address to the shareholders, the chairman announced a change in the leadership of the board, stating that William J Sequeira had stepped down as vice chairman but would continue to serve as a director. Maxim I Pinto was elected the new vice chairman, effective December 20, 2023.
The chairman informed the shareholders that the Bank had shown resilience and adaptability during the financial year 2023-24 despite challenging economic conditions. The Bank achieved deposits of Rs 1216.04 crores, a growth of Rs 63.58 crores. Advances decreased slightly by Rs 11.63 crores, from Rs 617.00 crores to Rs 605.37 crores. The net NPA is nil, compared to 0.94% in the previous year. The Bank’s net profit after tax stood at Rs 10.22 crores, and it continues to meet all parameters of a financially sound and well-managed bank.
The Bank offers a wide range of digital services, including mobile banking, internet statement view facility, UPI payment interface, card swipe machines, contactless Tap-ATM debit cards, RuPay ATM cum debit cards, and platinum RuPay debit cards. About 40% of the Bank’s active customers are utilizing its digital services, and the Bank is poised for further growth with plans to expand its digital offerings. It also holds an Authorized Dealer Category II license for full-fledged money-changing operations for foreign exchange and NRE accounts for NRIs.
The chairman presented the audited statements of accounts, including the balance sheet and profit and loss account for the year ending March 31, 2024. Queries raised by members were addressed by the chairman and general manager & CEO Osden A Fonseca to the satisfaction of the shareholders present.
Shareholders Cyril Fernandez, Arthur D'Souza, John Lobo, Henry George D'Souza, Joseph Mathias, Mariam Rodrigues, Roshan Saldanha, Rita Desa, Henry Lobo, Desman J D'Silva, Irene Noronha, and Nelson David Corda offered suggestions during the AGM.
Additional general manager Zenon D’Cruz, assistant general managers Jude D’Silva, Ratnakar Shetty, Naresh Thakur, Alwyn D’Sa, and chief compliance officer Digambar Prabhutendolkar were also in attendance.
Before the AGM, a training programme for shareholders was conducted by Ravikiran Mankikar, principal faculty of The Maharashtra Urban Co-op Banks’ Federation Ltd. and founder & chairman of M/s RKM Consultants. The training covered topics such as the rights and responsibilities of shareholders, KYC, and cyber security.
Chairman Albert W D'Souza welcomed the gathering, and vice chairman Maxim Pinto addressed the shareholders. Senior manager Beata Carvalho and manager Candy Fernandes compered the event. Director Thomas Lobo proposed a vote of thanks.