Mumbai, Sept.29: The 101st Annual General Meeting of Model Co-operative Bank Ltd. was held on Saturday 29th September, 2018 at Xavier Institute of Engineering, Mahim.

The newly appointed Bishop of Mangalore Diocese Most Rev. Bishop Peter Paul Saldanha celebrated the Eucharist followed by the Annual General Meeting which was attended by approximately 300 Shareholders.

Bishop John Paul said Model Bank is a 102 years old institution and is doing great work for the community in Mumbai. He appealed to the Bank to continue with the good work of serving the community. He wished the Bank well and with more success in the years to come.

The Chairman Albert W. D'Souza presided over the meeting and extended a warm welcome to the Shareholders / Members. He thanked them for attending the Annual General Meeting and reposing their trust in the Bank.

The Chairman in his inaugural speech, placed before the Shareholders / Members the important developments in the Indian Economy during the year, mainly the biggest tax reform Goods & Services Tax (GST), RERA Bill introduced by the Govt. of India in July 2017 and stated that in spite of the various constraints in the Indian Economy the Bank performed well. He stated that the Bank is aiming to attain a Scheduled Status and a Multi – State Bank.

He further stated that the profitability of the Bank during the financial year 2017 – 18 is comparable with any other Co-operative Bank and it is good. The Bank has achieved deposit of Rs.919.50 crores, a growth of Rs.40.97 crores (4.66% on YOY basis), and our application to Reserve Bank of India for being considered as a Scheduled Bank is receiving consideration.

The advances of the Bank have increased to Rs.510.89 crores, an increase of Rs.38.07 crores (8.05% on YOY basis). The Capital Adequacy Ratio stood at 12.88%. The Net Profit (After Tax) stood at Rs.8.35 crores, an increase of Rs.0.10 crores (1.21% on YOY basis).

The Chairman informed the Shareholders / Members that the Bank has received approvals from Reserve Bank of India for opening 4 new Branches at Sakinaka (Andheri East), Goregaon, Vikhroli and Panvel (Navi Mumbai).

He also mentioned that ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd.’ Mumbai honoured the Bank with a 1st prize for overall performance among Co-op. Banks for the Financial Year 2015-16 and 2nd prize for the Financial Year 2016-17 in the category of Deposits Rs.501 crores to Rs.1000 crores on September 27, 2017.

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2018. The Members raised queries and the Chairman and GM & CEO, William D'Souza provided clarifications to the queries of the Members.

Bishop gave floral bouquet to Managing Director Ryan Group of Institutions Madam Grace Pinto. Founder Chairman, John D'Silva, Directors Vincent Mathias and Thomas Lobo addressed the gathering. Directors Paul Nazareth, Sanjay Shinde, Ancy D'Souza, Pius Vas, Gerald Cardoza, Marita D'Mello, Benedicta Rebello, George Castelino, Ronald H. Mendonca, Addl. General Manager Harold M. Serrao and Deputy General Manager Zenon D’Cruz were also present. Aloysious Edward Rasquinha, Manager compered the programme. Vice Chairman, William Sequeira proposed the vote of thanks. The meeting concluded with singing of the National Anthem.