Rons Bantwal
Mumbai, Sep 10: The 109th Annual General Meeting of Model Co-operative Bank Ltd was held on September 9, at St Andrew’s Auditorium, Bandra, Mumbai.
The proceedings commenced with a prayer service conducted by Fr (Dr) John Rose, SJ, director, Xavier Institute of Engineering, Mahim. Following the prayer service, chairman Albert W D’Souza presented Fr (Dr) John Rose with a bouquet and a token of gratitude on behalf of the bank.
Welcoming the gathering, chairman Albert W D’Souza highlighted the Bank’s significant achievement of attaining Scheduled Bank status, announced by the Reserve Bank of India through its press release dated December 2, 2025. He expressed his appreciation to the bank’s customers and shareholders for their continued confidence and support, which he said had been instrumental in the bank reaching this important milestone.
The chairman said that the bank had now entered an important new phase and was well positioned to pursue further growth. He also referred to the RBI’s approval extending the bank’s area of operation to entire State of Maharashtra and Karnataka. He also spoke about the recent relocation of the bank’s Administrative Office to Milagres House, Bandra West, opposite Holy Family Hospital, as well as the opening of the bank’s Bandra branch.
He noted the historical association of Milagres House with the bank and the Bandra community. Reviewing the financial performance for 2025-26, the chairman said that the bank had recorded steady growth. Deposits increased from Rs 1,240.10 crore to Rs 1,304.63 crore, while advances increased from Rs 635.14 crore to Rs 669.05 crore. The bank continued to maintain zero net NPA, while Profit After Tax stood at Rs 6.41 crore. The capital adequacy ratio stood at 15.28%, reflecting the bank’s strong capital position, and the Statutory Auditors have awarded the bank an ‘A’ class rating
While expressing satisfaction with the bank’s performance, the chairman stated that the bank would continue to focus on improving its CD ratio from the present 54% to 60% and increasing its CASA deposits to strengthen profitability. He also emphasised the need to expand the bank’s small-value loan portfolio in line with RBI guidelines and encouraged customers and shareholders to take advantage of the attractive interest rates being offered.
He observed that while growth in deposits had been encouraging, increasing advances remained a challenging task. The bank, he said, is making every effort to provide faster and efficient loan processing, with a target of processing loan proposals within seven days. He appealed to shareholders and customers to make greater use of the bank’s services, introduce new customers and support the bank in achieving its future growth objectives. He also encouraged shareholders to participate in strengthening the bank’s capital base through new and additional shares.
The meeting was attended by members of the board of directors, including William J Sequeira, Paul Nazareth, Abraham C Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Gerald Cardoza, Ancy D’Souza, Hilary Mendonca, Adv Fiona Nazareth and Asha D’Souza, along with external members of the board of management - Elroy Rodrigues, Sanna Lobo, Lancelot Tauro and Augustine S Quadros.
Thereafter, Henry B Quadros, GM & CEO, read the notice convening the 109th AGM. The various agenda items were proposed and seconded by members, including. John Fernandes, Myra Pereira, Lydia Noronha, Rita D’Sa, Lawrence D’Souza, Patrick Gabriel Fernandes, D J N D’Silva, Victor Britto, Stanley Fernandes, Ann Dias, Ronald Noronha, Inacia D’Souza, Roshan Saldanha, Stany D’Souza, Caetano J Pereira, Robert Tauro, D J N D’Silva and Vincent M D’Souza.
Suggestions were also put forward by D J N D’Silva, Rita D’Sa, John Lobo, Loretta, Firose D’Souza, Inacia D’Souza and Thomas Fernandes.
Addressing the shareholders, vice chairman Maxim I Pinto congratulated them on the bank’s achievement of becoming a Scheduled Co-operative Bank. He highlighted two major milestones since the previous AGM - the attainment of Scheduled Bank status and the relocation of the administrative office to Bandra. The Scheduled Bank is one included in the Second Schedule to the Reserve Bank of India Act, 1934. He explained that Scheduled Bank status brings enhanced regulatory oversight and greater credibility and confidence among depositors and stakeholders, besides providing access to applicable RBI facilities. He said the bank had worked consistently towards strengthening its financial position, governance and operations, and stated that it was the first bank to receive Scheduled Bank status when the RBI reopened the process for eligible urban co-operative banks.
Director advocate Pius Vas spoke about the strong foundation on which Model Co-operative Bank has been built and said that the bank’s strength was reflected in its steady growth, prudent risk management and sound financial position. Referring to the declaration of a 10% dividend, he noted that the performance had brought satisfaction to the shareholders and expressed confidence in the bank’s continued progress. He acknowledged the valuable contribution of the bank’s founder directors and referred specifically to three members who continue to be associated with the board - chairman Albert W D’Souza, former vice chairman and present director William J Sequeira, and senior director Vincent Mathias. He said that the bank’s progress was built on the commitment, dedication and strong foundation laid over the years by its leadership and directors.
The 109th AGM marked another significant milestone in the journey of Model Co-operative Bank Ltd, as the bank moves forward as a Scheduled Co-operative Bank with a continued focus on financial strength, customer service, digital transformation and sustainable growth.
The AGM concluded with a vote of thanks proposed by additional general manager Zenon D’Cruz, followed by the national anthem.