Rons Bantwal
Daijiworld Media Network – Mumbai
Mumbai, Sep 25: The Bharat Co-operative Bank (Mumbai) Limited, a multi-state scheduled bank bagged Top Bank Award 2012 -13 by Maharashtra Urban Co-operative Banks Federation Limited, stated the media release issued by the Federation.
Bharat Bank qualified in 12 points set by the Federation by achieving a deposit of over Rs 1,105 crore that is in excess of 27.61 percent and Rs 779 crore as loans advances that is in excess of 27.59%, in spite of the global financial turndown and challenging India’s financial sector.
“It is significant that the bank retained Non-Performing Assets (NPA) to zero since many years. It has bagged A rating for audit application for debit card transaction through Visa International. The Federation has studied the incorporation of modern technology, opening of many branches, deposit overheads, share capital, net profit, net interest gap, ratio on advances etc and found 90 percent of operations largely fulfilled their criteria to qualify for the award,” stated Federation CEO Sayali Boir.
Bharat Bank chairman Vasudev C R Kotian said that it is the fourth successive year the bank bagged the award from the Federation and thanked the bank customers, shareholders for their relentless support.
The bank CEO C R Mulky said that the metro-based Billavar Association honorary president and the bank former chairman and present director Jaya C Suvarna’s long range plans, professional excellence of bank’s chairman Vasudeva R Kotian, keeping tab on recovery of loans enabled the bank to get the award. Nonetheless, the dedicated staff, trusted clientele base, shareholders also contributed for the success, he added.
“The bank has a total of 55 branches across Maharastra and metro, Karnataka state, while RBI issued license to open 15 more branches. It has share capital of over Rs 84.01 crore, reserves of Rs 333.02 crore, fixed deposit of Rs 374.67 crore, savings deposits of Rs 752.36 crore, contingency fund of Rs Rs 450.04 crore, recurring deposit of Rs 86.50 crore, advances of Rs 5,839.40 crore , and total turnover will cross over Rs 10,000 at the earliest,” said C R Mulky.
The award will be conferred to Bharat Bank during the thirty-third annual general meeting of the Federation at Bharatiya Kreeda Mandira complex, Wadala, here on Friday September 27, informed the Federation organizers.