Mangalore: Countdown for MCC Bank Election Begins Amid Blame Games

By Melka Miyar - Daijiworld Media Network Mangalore

Mangalore, Mar 15: Though the Mangalore Catholic Co-operative bank has 91 years of history and 18,000 shareholders, it has not been able to deliver dividend from the past few years. Interestingly, many banks which took birth in coastal part of the state after so many years of its birth, have reached greater heights and many of them have been nationalized. But why is the MCC Bank lagging behind? Hot debate has been raised by many stakeholders of MCC Bank this year and therefore, all the eyes have turned towards the board of directors’ election which would be held on Sunday March 16 at Milagres Junior College premises.

Valentine D'Silva

Present chairman of MCC Bank Valentine D’Silva claims that a lot of development has taken place during the last 18 years of his tenure as chairman. The number of branches have increased to 16 from 3. Computerization of all the branches and earning assets worth Rs 20 crore are the achievements which he puts forward. Replying for the comments made by the opponents, he says, the bank had to undergo a great struggle because of the false propaganda done by a few persons. The bank lost big amounts of deposits and many shareholders withdrew their shares from the bank without knowing the truth, Valentine D’Silva clarifies.

Melwyn D'Cunha

But another group headed by former Mangalore APMC chairman Melwyn D’Cunha directly takes present board of directors to task. This group alleges that the bank has not paid dividend to its shareholders from many years. Meanwhile, the deposits have gone down and non-performing assets (NPA) have increased to an alarming level. Not even bonus has been given to the employees in the past few years. A change is certainly needed if the bank has to be in sync with globalization, Melwyn D’Cunha's group propagates.

Interestingly, well-known personalities like Dr Edward Nazreth, Stephen Quadros, Raymond D’Cunha, John R D’Silva, Dolla, Jacintha Boremio have filed their nominations under Melwyn D’Cunha’s leadership. Stephen Quadros says that one can do a lot for uplifting the youth through this bank. Majority of the Catholic community youth are migrating towards Gulf for their livelihood. But the bank can provide them funds for self-employment in their own villages, he added.

Bertram Pinto

Another group headed by P B D’Sa alleges that both Valentine D’Silva and Melwyn D’Cunha are responsible for the pathetic condition of the bank as both were heading the bank once upon a time. Therefore, the voters should reject both the candidates, he opined.

A total of three groups headed by Valentine D’Silva, Melwyn D’Cunha and P B D’Sa are contesting this time. But P B D’Sa has withdrawn his nomination at the eleventh hour. Bertram Pinto, Prem D’Sa, Marcel Correa and others will be leading this group now. Mangalore City Corporation corporators Lancelot Pinto and Jacintha Alfred, lecturer and member of state Konkani Sahitya Academy Vincent Alva, Herald Monteiro and others have been idetified in Valentine D’Silva’s group. 12 candidates from each group including two reserves from banking sector and one woman will be contesting.

A total of 18,000 shareholders are there in MCC Bank and about 3000-4000 voters are expected to cast their votes. Experts opine that no group will get clear majority this time as all the three groups are strong. This is good for the development of the bank as all the groups get a chance to show their strength.

All said and done, it is ultimately the shareholders who will decide the future of the bank.