Rons Bantwal

Daijiworld Media Network – Mumbai (EP)

Mumbai, Mar 22: Model Cooperative Bank Ltd opened its 23rd branch at Panvel on March 20 2019. The branch was inaugurated by Dr S M Khot, principal, Fr C Rodrigues, Institute of Technology, Vashi, Navi Mumbai and blessed by Fr Leo Lobo, parish priest, St Francis Xavier Church, Panvel.

The chairman of the bank, Albert W D’Souza in his welcome address stated that the bank currently has 22 branches and the branch being inaugurated is its 23rd. “Our 22nd branch was inaugurated at Vikhroli on March 10 and two more branches will be coming up at Goregaon (W) and Sakinaka in April. We will have 25 branches by the end of April. As ‘Small is Effective’, the staff of the bank will be able to provide good and personal service to the customers,” he said.

“The bank as an institution completed 100 years of existence on April 26, 2016 and crossed Rs 1,000 crore deposits on March 1. With deposits of Rs 1,000 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 Bank status. I thank the customers for their invaluable support and trust.”

“The bank is honoured to be recognized as one among the top three financially sound and well managed cooperative banks in Mumbai by The Brihan Mumbai Nagari Sahakari Banks Association Ltd Mumbai in the category of deposits between Rs 300 crore and Rs 1,500 crore for the year 2013-14 and 2014-15 and 1st prize for Best Bank among cooperative banks in Mumbai region in the category of deposits above Rs 500 crore awarded by the Maharashtra State Cooperative 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 year 2016-17,” he said.

“Model Cooperative Bank Ltd offers highest interest on fixed deposits and charges lowest interest on loans compared to other banks,” he added.

The founder chairman, John D’Silva stated that the bank will help the customers grow in deposits by giving good rate of interest, which will enable them to save also loans will be lent at low rate of interest, so that the customers can grow in business. “The bank will also benefit through increase in business and profits,” he said.

Fr Leo Lobo, parish priest, St Francis Xavier Church, Panvel, stated that the manager and staff will co-operate with God in his work of creation and therefore, staff should work with zeal offering good service and enthusiasm, not thinking that they are working for their salary, but for the progress of the bank and for the benefit of the customers. “This way, the satisfied customers will recommend the bank to others.”

Chief guest Dr S M Khot, principal, Fr C Rodrigues Institute of Technology, Vashi, Navi Mumbai stated that he was privileged to be present at the time when the bank is making consistent progress, achieving 1000 crore deposits, opening four additional branches and improving in business. “It is a sign of a well managed bank and a new experience for a technologist to be felicitated in the banking field.” He was confident that the bank will continue to progress.

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 J Sequeira and directors Vincent Mathias, Paul Nazareth, Lawrence D’Souza, Abraham C Lobo, Gerald Cardoza, Thomas Lobo, Ancy D’Souza, Benedicta Rebello and Marita D’ Mello graced the occasion.

William L D’Souza, GM and CEO and Zenon D’Cruz, deputy GM were also present.

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