Media Release
Udupi, Feb 28: MCC Bank, which has a 113-year history, has achieved excellent progress in the banking sector, declaring 10% dividend to its members for the financial year 2023-24. The bank has been consistently making profit and during 2023-24, the bank has come out with an unprecedented net profit of Rs 10.45 cr, the highest in the bank's history. The current management, under the leadership of ‘Sahakara Ratna’ Anil Lobo, has been driving the bank’s progress over the past six years.
The bank’s operations have expanded across Karnataka. It operates fully on core banking and offers all the products and services available in other private and public sector banks. The bank has plans to provide digital services such as Google Pay, PhonePe, UPI, and more are underway. The bank is also working on expanding its branches across Karnataka state.
The bank has been providing various financial products, including locker facilities at low costs, affordable education loans for domestic and international studies, MSME loans, vehicle loans, housing loans, loans for house repairs, wedding, and purchase of household items. It offers gold loans without processing fees and provides ATM and mobile banking services free of charge.
MCC Bank is the only urban co-operative bank in Karnataka providing NRE accounts to NRIs. Deposits in the bank are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC), as per the guidelines of the Reserve Bank of India (RBI).
MCC Bank’s total deposits amount to Rs 676 cr, total loans and advances stand at Rs 532 cr, and the total business has reached Rs 1208 cr. As on March 31, 2024, the working capital of the bank was Rs 752.95 cr, and the share capital was Rs 31.21 cr.
The bank’s NPA ratio has improved to 1.12%, showing a significant reduction in NPA. The bank’s capital adequacy ratio, which exceeds the RBI’s minimum requirement of 9%, stands at 23.06%, indicating a healthy financial position. The bank has been continuously rated as ‘A’ grade bank by the auditors appointed by the RBI, demonstrating its strong financial health.
With the constant efforts of the efficient management team, the dedicated staff, and a well-laid out strategic plan, the bank has met all the regulatory requirements set by the Reserve Bank of India and opened its 17th branch at Brahmavara in March 2024 and 18th branch at Belthangady after 22 years.
Now, MCC Bank is set to inaugurate its 19th branch at Belman on March 2. The programme will be presided over by Sahakara Ratna Anil Lobo, president of MCC Bank. The branch will be inaugurated by Ivan D’Souza, MLC, govt of Karnataka while Fr Frederick Mascarenhas, parish priest of St Joseph’s Church, Belman will bless the branch premises. Walter Nandalike, founder and MD of Daijiworld Media Pvt Ltd will be the chief guest. Rameshwari M Shetty, president of Belman Grama Panchayath will be the other guests of honour.
ATM inauguration
Similarly, the inauguration of the ATM will be held at the Brahmavar branch. The ATM of MCC Bank's branch, located at the ground floor of Sheshagopi Paradise, NH-66, near Akashvani Circle, Varamballi, Brahmavar, will be inaugurated on Monday, March 3, at 10 am.
Bank’s management
The current board of directors includes ‘Sahakara Ratna’ Anil Lobo as the president, Gerald D’Silva as vice-president, Andrew D’Souza, Anil Patrao, Dr Gerald Pinto, David D’Souza, Elroy Crasto, Roshan D’Souza, Herald Monteiro, J P Rodrigues, Vincent Lasrado, Melwin Vas, Irene Rebello, and Dr Freeda D’Souza as directors. C G Pinto and Sushanth Saldanha as professional directors.
The board of management consists of Felix D’Cruz, Alwin Monteiro and Sharmila Menezes. Currently, Sunil Menezes serves as the general manager, with a total of 185 staff members working at the administrative office and branches.