By Rons Bantwal
Daijiworld Media Network—Mumbai (RD/CN)
Mumbai, Nov 17: The 66th annual general body meeting of metro-based Mogaveera Co-operative Bank was held at Mogaveera Bhavan auditorium, Andheri (West), recently.
The Bank’s chairman Kirtiraj K Salian presided over the meeting and announced a 6 percent dividend to shareholders.
In his presidential address, Salian said that the Bank has earned a net profit of Rs 3.35 crore, despite the global economic turndown and inflation in the country. “The share capital has risen from Rs 9 crore in last accounting year to Rs 14 crore this year. The working capital has risen from Rs 443 crore to Rs 536 crore. The loans and advances increased from Rs 237 crore and earned a net profit of Rs 3.35 crore,” he said.
“The Bank has been surging in progress with the patronage of community brethren, shareholders, customers, staff, and efforts of directors. The Bank’s 11 branches are being computerized and there are plans to open more branches. The directors plan to convert the Bank into a scheduled bank,” added Salian.
Kaup MLA Lalaji R Mendon, who was in the metro, said that the veterans of the community had set an example in founding Mogaveera Co-operative Bank from their hard earned savings.
The Bank’s deputy chairman Shekar Y Suvarna, directors Ganesh S Putran, Pradeep M Chandan, Gopal C Kanchan, B J Sriyan, Kishore Kumar, K A Kunder, B K Suvarna, A K Tingalaya, Sridar M Salian, Arun H Gaikwad, Vasudev J Tandela, J M Tandela, Vasudev K Danu, Pramalata J Sakpal, and Kishore C Kundar were present on the dais.
The Bank’s CEO K Shivaram presented the annual report while Kishore R Amin presented the annual account.