Rons Bantwal

Daijiworld Media Network – Mumbai (EP)

Mumbai, Mar 12: Model Co-operative Bank Ltd opened its 22nd branch at Vikhroli (east) on March 10. The branch was inaugurated by G V Bilolikar, joint commissioner of GST, here and blessed by Fr Rocky Banz, parish priest, St Joseph Church, Vikhroli (west).

The chairman of the bank, Albert W D’Souza in his welcome address stated that at present the bank has 21 branches and this is the 22nd branch which is inaugurated on this day. “Our 23rd branch at Panvel will be inaugurated on March 20 and two more branches will be inaugurated at Goregaon (W) and Sakinaka in April this year. We will have 25 branches by the end of April.”

“The institution completed 100 years of existence on April 26, 2016 and the bank crossed deposits of Rs 1000 crore on March 1. With the deposits of Rs 1000 crore and advances of Rs 550 crore, the bank has achieved total business of about Rs 1550 crore and is on the threshold of achieving scheduled status. I thank the customers for their invaluable support and trust.”

“The bank is honored to be recognized as one among the top three financially sound and 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 crore to Rs 1500 crore for the year 2013-14 and 2014-15 and received first prize for Best Bank among co-operative banks in Mumbai region in the category of deposits above Rs 500 crore 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 second prize in the category of deposits above Rs 500 crore for the financial year 2016-17,” he said.

The chairman further stated that Model Co-op Bank Ltd offers highest interest on fixed deposits and charges lowest interest on loans compared to other banks.

Fr Rocky Banz, parish priest, St Joseph Church, Vikhroli (west) in his address said he was privileged to bless the branch premises of the bank and expressed his gratitude to the bank for having opened a branch in Vikhroli (east). He invited the people to avail of the services of the bank. He stated that the bank should cater to the needs of the people not for profit but for reaching out to the needs of the oppressed and the downtrodden by charging low interest rates.

Chief guest G V Bilolikar in his address congratulated the bank for achieving Rs 1000 crore deposits and stated that he was honored to be the chief guest of the function at this important stage of development of the bank, wherein the bank is opening a series of branches and will have 25 branches by the end of April 2019.

Founder chairman, John D’Silva and guardian director of the branch, Lawrence D’Souza also addressed the gathering.

The bank offers convenient services to its customers with full CBS enabled network and operations and provides services of ATM, SMS alerts, Personalized 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, Authorized 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 and 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 Sequeira, directors Paul Nazareth, A C Lobo, Gerald Cardoza, Benedicta Rebello, Marita D’Mello, Pius Vas and Ancy D’Souza graced the occasion. William L D’Souza, GM and CEO, Zenon D’Cruz, deputy GM were also present.

Edward Rasquinha, manager compered the programme. The dignitaries were felicitated with floral tributes. Branch manager Mervyn Lobo proposed the vote of thanks. The function concluded with singing of the National Anthem.