Model Co-operative Bank holds 105th AGM

By Rons Bantwal
Bellevision Media Network

Mumbai, 08 Sep 2022: The 105th Annual General Meeting of Model Co-operative Bank Ltd. was held on Wednesday 7th September at St. Andrew’s Auditorium, St. Dominic Road, Bandra, Mumbai.

 

The meeting commenced with a short prayer by Rev. Fr. Maji Murzello, Principal, St. Andrew’s High School, Bandra, Rector, St. Andrews College, Bandra and Member of Senate, Mumbai University.

 

The Chairman Albert W. D’Souza presided over the meeting and extended a warm welcome to the shareholders. He thanked them for attending the Annual General Meeting and reposing their trust in the Bank. Our Bank provides quality service to financial security.

 

 

The Chairman in his inaugural speech, to the shareholders stated that the world of Banking is continuously evolving, with new entrants and innovative financial products. Our Bank continues to remain competitive and our performance for the F.Y. 2021-22 has been relatively good. The Bank has achieved deposit of Rs.1122.14 crores, a growth of Rs.18.81 crores (1.70% on YOY basis). The advances of the Bank have increased to Rs.592.78 crores, an increase of Rs.20.50 crores (3.58% on YOY basis). The Capital Adequacy Ratio stood at 14.07%, with RBI requirement being 9%. The Net Profit (After Tax) stood at Rs.6.53 crores. The Net NPA of the Bank reduced from 2.22% to 1.88%. The overall performance of the bank has been good when compared with peer banks.

 

The Bank provides most of the digital services such as Mobile Banking, Internet Statement View Facility, UPI Payment Interface, Tie-Up for Card Swipe Machines, ATM cum Debit cards, which can be used at over 2.58 lakh ATMs. The Bank is in the process of issuing ‘Contactless or Tap – ATM cum Debit Cards’. The Bank also has Authorised Dealer Category II license for Full Fledged Money Changing Operations for Foreign Exchange as well as NRE accounts for our NRIs.

 

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2022. The Members raised queries and the Chairman and General Manager & C.E.O (Designate) Osden A. Fonseca provided clarifications to the queries to the satisfaction of the Members present. The bank has a total of twenty-five branches with branches in Metropolitan Brihanmumbai 14, Suburban Navi Mumbai 02, Thane District 04, Palghar District 04 and Raigad District 01, Headquartered at Fort and Executive Office at Santacruz Kalina said Osden A. Fonseca of the shareholders.

 

Founder Chairman John D’Silva John D’Silva, founder chairman of the bank, said that the bank is competent in handling all the financial services of the customers. When customer progressive in business Banks also progress when they grow.

 

Directors Vincent Mathias said that the world is changing in the age of information and along with this the new generation is also changing. Due to all these, economic business is also moving towards its own path. For this, it is imperative that bank services also move ahead. Therefore, when the old generation moves forward with the new generation, business will be easier, he said.

 

Thomas Lobo said that some of you shared touching, moving experiences with our staff. For most of you Model Bank is family and your family has grown to embrace the family and become integral part of it. This is our legacy, our community legacy and as an institution we cherish this legacy and here continue confidence and secure support in the testimony to the values that we have always cherished trust, honesty, integrity and add to that compliance and security.

 

Seated on the dais were Chairman Albert W. D’Souza, Founder Chairman John D’Silva, Vice Chairman William J. Sequeira, Directors Vincent Mathias, CA. Paul Nazareth, A. C. Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Adv. Pius Vas, Benedicta Rebello, Gerald Cardoza, Ancy D’Souza and George Castelino, Members of Board of Management Hilary L. Mendonca, CA Elroy Rodrigues and Adv. Fiona M. Nazareth, G.M. & C.E.O (Designate) Osden A. Fonseca and Additional General Manager Zenon D’Cruz.

 

 

The meeting was attended by hundreds of shareholders, well-wishers of the bank, Assistant General Managers Naresh Thakur and Ratnakar Shetty, John Lobi Menino Fernades, John Dsouza, Maxim Pinto, Rita Desa expressed their views and wished the Bank’s progress.

 

The Bank felicitated 16 staff who have completed over 20 years of service with the Bank. Rayan Branco, Grenil Jeson Martis, Anil Menezes, Ronald Lewis, Jaki D’Souza, Gaulbert Lobo, Beata Carvalho, Staydrik Pereira, Felix Noronha, Pramila Gonsalves, Alwyn D’Mello, Derick Nazareth, Rajesh Dabre, Lolita Rodrigues, Thomas Carvalho and Sabita Paul were among those felicitated.

 

At the beginning of the meeting, tributes were paid to the bank members, customers, well-wishers and dignitaries who passed away in the previous year. Senior Manager Beata Carvalho welcomed and moderated the event. Vice President William Sequeira gave the vote of thanks. The Annual General Body Meeting concluded with the National Anthem.