Media Release
Mangaluru, Dec 7: MCC Bank Ltd, a premier cooperative bank with a 113-year legacy, has announced its upcoming NRI Meet 2024, scheduled to take place on December 30 at Hotel Ocean Pearl, Pacific Hall 01 & 02, Navabharath Circle, Kodialbail, Mangaluru.
The bank, known for its pivotal role in the economic prosperity of Dakshina Kannada and Udupi districts, operates 18 branches, including new ones at Brahmavara and Beltangady, opened after a gap of 22 years. It has expanded its operations to cover the entire state of Karnataka and continues to contribute significantly to noble causes through its Charity Fund.
MCC Bank has achieved remarkable progress in the banking sector. As of March 31, 2024, the bank reported:
- Total deposits of Rs 670 crore
- Total loans and advances of Rs 515 crore
- Total business of Rs 1,185 crore
- Working capital of Rs 752.95 crore
- Share capital of Rs 31.21 crore
The bank’s NPA ratio has improved to 1.12%, reflecting a significant reduction. Its capital adequacy ratio stands at 23.06%, well above the RBI's minimum requirement of 9%, underscoring its robust financial health. MCC Bank has consistently received an 'A' grade rating from RBI-appointed auditors.
In a milestone achievement, bank president Anil Lobo was awarded the “Sahakara Ratna” by the Government of Karnataka, a testament to the institution’s growth and contributions under his leadership over the past six years.
The last NRI Meet, held on December 30, 2022, received an overwhelming response and contributed to a significant increase in NRE deposits, which saw a growth of Rs 9.21 crore over two years. MCC Bank is one of only two cooperative banks in Karnataka permitted by the RBI to open NRE accounts, being the first urban cooperative bank in the state to gain this approval.
NRI services and facilities
MCC Bank offers a dedicated NRI banking department at its administrative office, staffed by an NRI manager to provide personalized service. NRI customers can benefit from:
- Attractive rates on NRE deposits
- Debit card facilities
- Education loans at 9.25% interest
- Car loans at 9.50% interest with a repayment period of up to 84 months
- Competitive rates on safe locker facilities starting at Rs 1,200 per annum
The bank’s NRE accounts, denominated in Indian rupees, enable customers to deposit foreign-earned income, offering seamless fund transfers to foreign accounts and making investments in India.
Invitation to NRI Meet 2024
MCC Bank has cordially invited its esteemed NRI customers to participate in the NRI Meet 2024. The event aims to strengthen relationships and showcase the bank’s offerings. New customers interested in availing the bank’s services are also welcome to attend.
For further details or queries, contact the NRI Department via email at honre@mccbank.in or call +91 7090701104 / +91 7090707878.