News and pics: Rons Bantwal
Daijiworld Media Network – Mumbai (EP)
Mumbai, Oct 18: Model Co-operative Bank Ltd opened its 21st branch at Virar (West) on October 16. The branch was inaugurated by Anil Aakade, deputy superintendent of police, Vasai – Virar and blessed by Fr Philip Vaz, parish priest, Saint Mother Teresa Church, Virar (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 Virar (W) is ninth. He stated that the branch is not open to compete with other cooperative / nationalised banks, but to compliment the citizens with the services that cannot be provided by other banks.
He stated that the institution has completed 100 years of existence on April 26. “The bank is marching towards its goal of achieving Scheduled Status with deposits of Rs 825 crore and a total business of about Rs 1300 crore as the present minimum requirement of demand and time liabilities to include any Co-operative Bank in the 2nd Schedule to the Reserve Bank of India Act is Rs 750 crores,” he said.
The chairman said that the bank 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 co-operative bank, is catering to the needs of the common man and urged the people of Virar to avail of its products and services.
Fr Philip Vaz, parish priest, Saint Mother Teresa Church, Virar (west) in his address said that he was privileged to bless the branch premises of the bank and expressed his gratitude to the bank for having opened a branch in Virar (W). He invited the community members to avail of the services of the bank.
Fr Ramesh D’Souza, assistant parish priest of Saint Mother Teresa Church, Virar (w) led the gathering into melodious spiritual singing. He also addressed the gathering and stated that Model Co-op Bank, 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.
Chief guest Anil Aakade in his address stated that it is a great achievement for this institution which was a credit society and converted into a bank and is already having 21 branches. He spoke in regard to the precautionary measures to be taken for cyber crimes. “The court has passed the Maharashtra Protection of Interests of Deposits Act, 1999 and all depositors must be aware of this,” he said.
Director Thomas Lobo addressed the gathering and said that staff of the bank are eager to extend their service with a personal touch.
The bank offers convenient services to its customers with full CBS enabled network and operations and provides services of ATM, SMS alerts, personalised cheque books, pan card, Reliance electricity bill collection, Bancassurance, RTGS / NEFT, e-tax payment facility, cheque truncation system, direct clearing, direct benefit transfer scheme (LPG subsidy). The bank offers various deposit products. The bank has been offering a spectrum of financial services to different customer segments covering housing loans, vehicle loans, educational loans, business loans with special and lowest interest @ 11.50% pa.
A large number of customers, shareholders, well wishers and bank officials were present on the occasion. William Sequeira- vice chairman and directors - Paul Nazareth, Thomas Lobo, Abraham C Lobo, Pius Vas, Marita D’Mello, Benedicta Rebello, Gerald Cardoza and Ancy D’Souza graced the occasion. William L D’Souza, GM and CEO, Harold M
Serrao, Addl GM were also present.
Edward Rasquinha, manager compered the programme. The dignitaries were felicitated with floral tributes. Branch manager Richard Fernandes proposed vote of thanks. The function concluded with singing of the National Anthem.