News and pics: Rons Bantwal
Daijiworld Media Network – Mumbai (EP)
Mumbai, Oct 3: Model Co-operative Bank Ltd opened its 20th branch at Bhayander (West) on October 1. The branch was inaugurated by Dr Naresh B Gite, commissioner, Municipal Corporation Mira – Bhayander and blessed by Fr Anselm Gonsalves, parish priest, Our Lady of Nazareth Church, Bhayander (West).
The chairman of the bank, Albert W D’Souza in his welcome address stated that Reserve Bank of India has granted licenses to open 9 branches during the year and Bhayander (W) is 8th of them. “The bank will be expanding its network at Virar (W) on October 16 to complete 21 branches by October 2016,” he said. “The bank has completed 100 years of existence as an organization on April 26. With deposits of Rs 825 crore and a total business of about Rs 1250 crore, the bank is marching towards its goal of achieving scheduled status as the present minimum requirement of demand and time liabilities to include any Cooperative Bank in the 2nd schedule to the Reserve Bank of India Act is Rs 750 crores,” he said.
He said that the bank is honoured to be recognized as one of the top 3 financially sound and well managed Co-operative Banks in Mumbai by ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd Mumbai' in the category of deposits above Rs 300 crore to Rs 1500 crore for the year 2013-14 and win 1st prize for best bank among Co-operative Banks in Mumbai region in the category of deposits above Rs 500 crore awarded by the Maharashtra State Cooperative Banks Association Ltd, Mumbai for the year 2014-15.
He further said that on September 21, the bank has once again been awarded the honor to be among the top 3 financially sound and well managed Co-operative Banks in Mumbai by ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd Mumbai in the category of deposits above Rs 300 crore to Rs 1500 crore for the year 2014-15.
The chairman further said that Model Co-op Bank Ltd is offering highest interest on fixed deposits and charges lowest interest on loans compared to other banks.
The founder chairman, John D’Silva in his address stated that the bank being a Cooperative Bank, is catering to most of the needs of the common man and urged the members to avail of its products and services.
Fr Anselm Gonsalves in his address said he was privileged to bless the branch premises of the bank and expressed his gratitude to the bank for having opened a branch in Bhayander (W). He said that Model Coop Bank Ltd is now available in the area to meet the banking needs of all the residents, who were long waiting for a branch of this bank to be opened in this area. He extended his cooperation to the bank and wished it success in its work.
Chief guest Dr Naresh B Gite in his address stated that it is a great achievement for this organization which was a credit society and converted into a bank and already has 20 branches. He welcomed Model Coop Bank to Bhayander (W) area and appealed to them to take care of the banking needs of the poor people of this area, which is also the thrust of the Prime Minister. He further stated that the bank should provide zero balance accounts to encourage poor people to bank with them. The chief guest presented the chairman and board of directors with a sapling plant and requested them to take care of it, and make it grow, as this is the drive undertaken by the state government.
The bank offers convenient services to its customers with full CBS enabled network and operations and provides services of ATM, SMS alerts, personalized cheque books, pan card, Reliance electricity bill collection, Bancassurance, RTGS / NEFT, e-tax payment facility, cheque truncation system, direct clearing and direct benefit transfer scheme (LPG subsidy). The bank offers various deposit products. The bank has been offering spectrum of financial services to different customer segments covering housing loans,vehicle loans, educational loans, and business loans with the special and lowest interest rate of @ 11.50% pa.
A large number of customers, shareholders, well-wishers and bank Officials were present on the occasion.
Among the dignitaries, Catleen Pereira, former mayor of Mira Bhayander, George Sequeira, president of Konkani Welfare Association, Mira – Bhayander, Anthony Correia, president of St Vincent de Paul association, Brine Rodrigues, partner of Narang Roadways and president of Gaonki Mandal and Anthony Scoopy Pereira, businessman were present.
William Sequeira- vice chairman and directors- Vincent Mathias, Paul Nazareth, Abraham C Lobo, Sanjay Shinde, Lawrence D’Souza, Ancy D’Souza, Thomas Lobo, Gerald Cardoza, Benedicta Rebello and Marita D’Mello graced the occasion.
William L D’Souza, GM and CEO, Harold M Serrao, Additional GM were also present.
Edward Rasquinha, manager compered the programme. The dignitaries were felicitated with floral tributes. Branch manager Gauldin Fernandes proposed the vote of thanks. The function concluded with the singing of the National Anthem.