Mumbai, March. 20: Model Co-operative Bank Ltd. opened its 23rd Branch at Panvel on 20th March 2019. The Branch was inaugurated by Dr. S. M. Khot, Principal, Fr. C. Rodrigues Institute of Technology, Vashi, Navi Mumbai and blessed by Rev. Fr. Leo Lobo, Parish Priest, St. Francis Xavier Church, Panvel.

The Chairman of the Bank, Albert W. D’Souza in his welcome address stated that at present our Bank is having 22 Branches and this is the 23rd Branch which is inaugurated today. Our 22nd Branch was inaugurated at Vikhroli on 10.03.2019 and two more Branches will be inaugurated at Goregaon (W) and Sakinaka in the month of April 2019. He stated that we will be having 25 Branches by the end of April. Chairman further stated that ‘Small is Effective’ and so the staff of the Bank will be able to provide good and personal service to the customers.

He also stated that the Institution has completed 100 years of existence as an Institution on 26.04.2016 and the Bank has crossed Deposits of Rs.1000 crores as on 01.03.2019. The Chairman stated that with Deposits of Rs.1000 crores and advances of Rs.550 crores the Bank has achieved total business of about Rs.1550 crores and the Bank is on the threshold of achieving Scheduled Bank Status. The Chairman thanked the customers for their invaluable support and trust.

The Chairman also stated 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 2014 - 15 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 and the Brihan Mumbai Nagari Sahakari Banks Association Ltd. for the year 2015-16. The Brihan Mumbai Nagari Sahakari Banks Association Ltd., also awarded the Bank 2nd Prize in the category of Deposits above Rs.500 crores for the F.Y.2016-17.

The Chairman further stated 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, John D’Silva stated that the Bank will help the customers to grow - in Deposits by giving good rate of interest, which will enable the customers to save, and through Loans – by lending at low rate of interest, so that the customers can grow in business. Bank will also benefit through increase in business and profits.

Rev.Fr. Leo Lobo, Parish Priest, St. Francis Xavier Church, Panvel, in his address stated that Manager and Staff will be co-operating with God in his work of creation and, therefore, staff should work with zeal with good service and enthusiasm not thinking they are working for their salary, but for the progress of the Bank and for the benefit of the customers. This way satisfied customers will recommend the Bank to others.

The Chief Guest Dr. S. M. Khot, Principal, Fr. C. Rodrigues Institute of Technology, Vashi, Navi Mumbai in his address stated that he was privileged to be present at the time when the Bank has been making consistent progress, achieving 1000 crores deposits, opening four additional Branches and improving in business. It is a sign of a well managed Bank and a new experience for a Technologist to be felicitated in the Banking field. He was confident that the Bank will continue to progress.

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, Bharat Bill Payment System, Bancassurance, RTGS / NEFT, E-Tax Payment Facility, Cheque Truncation System, Direct Clearing, Direct Benefit Transfer Scheme (LPG Subsidy), Internet View Facility, Authorised Dealer Category – II – Full Fledged Money Changers (FFMC), NRE Accounts, E-Commerce etc. 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 lowest interest rates.

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

Vice Chairman, William J. Sequeira and Directors Vincent Mathias, Paul Nazareth, Lawrence D’Souza, Abraham C. Lobo, Gerald Cardoza, Thomas Lobo, Ancy D’Souza Benedicta Rebello, Marita D’Mello graced the occasion.

William L D’Souza, GM & CEO, Zenon D’Cruz, Deputy GM were also present.

Edward Rasquinha, Manager compered the programme.

The Dignitaries were felicitated with floral tributes.

Branch Manager Vinod Shetty proposed the vote of thanks.

The function concluded with the singing of the National Anthem.