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Model Co-operative Bank Ltd. opened its 20th Branch at Bhayander (West) on 1st October, 2016.

Published On : 01 Oct 2016   |  Reported By : Rons Bantwal

Mumbai: The Branch was inaugurated by Dr. Naresh B. Gite, IAS, Commissioner Municipal Corporation Mira – Bhayander and blessed by Rev. Fr. Anselm Gonsalves, Parish Priest, Our Lady of Nazareth Church, Bhayander (West).

The Chairman of the Bank, Mr. 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 the 8th license. The Bank will be expanding its network at Virar (W) on 16th October, 2016 to complete 21 Branches by October 2016.

He also stated that the Institution has completed 100 years of existence as an Institution on 26.04.2016 He stated that with deposits of Rs.825.00 crores and a total business of about Rs.1250.00 crores the Bank is marching towards its goal of achieving Scheduled Status 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.750.00 crores.

Chairman said that the Bank is honoured to be recognized as the top 3 Financially Sound & 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 crores to Rs.1500 crores for the year 2013-14 and 1st Prize for Best Bank among Co-operative Banks in Mumbai Region in the category of Deposits above Rs.500 crores awarded by the Maharashtra State Co-operative Banks Association Ltd., Mumbai. for the year 2014-15.
He further said that on 21st September 2016, our Bank has once again been awarded the honor to be among the top 3 Financially Sound & 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 crores to Rs.1500 crores for the year 2014-15.

The Chairman further said that Model Co-op. Bank Ltd. is offering highest interest on Fixed Deposits and lowest interest on loans compared to other Banks.
The founder Chairman, Mr. John D’Silva in his address stated that the Bank being a Co-operative Bank, is catering to the needs of the most common man and urged the members to avail of its products and services.

Rev.Fr. Anselm Gonsalves in his address said he was privileged to bless the Branch premises of the Bank & expressed his gratitude to the Bank for having opened a Branch in Bhayander (W). He said that Model Co-op. Bank Ltd., is now available in our area to meet the Banking needs of all the residences, who were long waiting for a Branch of this Bank to be opened in this area. Rev. Fr. Anselm Gonsalves extended his co-operation to the Bank and wished the Bank success in its work.

The Chief Guest Dr. Naresh B. Gite in his address stated that it is a great achievement for this Institution which was a Credit Society and converted into a Bank, which is already having 20 Branches. He welcomed Model Co-op. Bank to the 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 the poor people to Bank with us. 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, 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 spectrum of financial services to different customer segments covering Housing Loans, Vehicle Loans, Educational Loans, Business Loans with the special and lowest interest @ 11.50% p.a.

A large number of customers, shareholders, well wishers and Bank Officials were present on the occasion.

Among the dignitaries, Mrs. Catleen Pereira, Former Mayor of Mira Bhayander, George Sequeira, President of Konkani Welfare Association, Mira – Bhayander, Anthony Correia, President of St. Vincent de Paul, 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, Mrs. Benedicta Rebello and Mrs. Marita D’Mello graced the occasion.

William L D’Souza, GM & CEO, Harold M Serrao, Addl 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.


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