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Model Co-operative Bank Ltd, holds 103rd AGM

Published On : 27 Feb 2021   |  Reported By : Rons Bantwal

(News & Pics by Rons Bantwal)

Mumbai, Feb. 25: The 103rd Annual General Meeting of Model Co-operative Bank Ltd. was held on Thursday 25th February 2021 at St. Andrew’s Auditorium Bandra West, Mumbai.

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, to the Members gave an overview of the economy. He further stated that our Bank with strong ethics, professional management, regulatory compliant operations and support from our customers & shareholders, have been able to steer through these turbulent times.

The Bank has achieved deposit of Rs.1064.57 crores, a growth of Rs.42.38 crores (4.15% on YOY basis). The advances of the Bank have increased to Rs.589.32 crores, an increase of Rs.28.38 Crores (5.06% on YOY basis). The Capital Adequacy Ratio stood at 13.48%, with RBI requirement being 9%. The Net Profit (After Tax) stood at Rs.7.86 crores. The Net NPA of the Bank is 3.72%. The overall performance of the bank has been good when compared with peer banks.

Shareholders were happy to note that the Bank has been receiving a series of awards over the years and during the course of F.Y. 2019-20 have been awarded 1st prize under the category of Deposits above Rs.1000 crs. for the F.Y. 2018-19 from ‘The Maharashtra State Co-operative Banks’ Association Ltd. and 2nd prize for overall best performance of UCBs for the F.Y. 2018-19 in the category of deposits of Rs.501 to Rs.2000 crores from ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd., Mumbai. These awards take the tally to 11 awards over the last 5 years. We congratulate the Bank on this achievement.

It was observed that even though the pandemic has had an adverse impact on the economy and consequently the banking sector, the Bank has been able to innovate and introduce new products in addition to existing bouquet of products and services. In the current F.Y. 2020 – 21 the Bank has been able to activate our own IFSC code, which has enabled faster processing of NEFT and RTGS transactions, provide IMPS and UPI payment platforms on our Mobile Banking App along with a host of other services and features, offer a platform for receiving on – line fee payments for Educational & other Institutions, launched an attractive Gold Loan product.

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2020. The Members raised queries and the Chairman and Officiating General Manager Zenon D’Cruz provided, clarifications to the queries to the satisfaction of the Members present.

Founder Chairman John D'Silva and Director Vincent Mathias addressed the gathering. Directors Paul Nazareth, A. C. Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Pius Vas, Benedicta Rebello, Gerald Cardoza, Ancy D’Souza, Assistant General Managers Osden Fonseca, Naresh Thakur and Ratnakar Shetty, Former General Manager & CEO and now Advisor William D’Souza were also present.

The meeting commenced with a short prayer by Director Thomas Lobo. Senior Manager Beata Carvalho compared the meeting. Vice Chairman William Sequeira proposed the vote of thanks. The Annual General Meeting was attended by approximately 150 shareholders. The meeting was conducted keeping all covid related safety protocols in mind. We wish Model Co-op. Bank Ltd. all the best for the future and are sure that the Bank will grow from strength to strength.

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