Rons Bantwal
Daijiworld Media Network – Mumbai (EP)
Mumbai, May 7: With the inauguration of a series of branches in March and May at Vikhroli, Panvel and Goregaon respectively, Model Co-operative Bank Ltd opened its 25th branch at Sakinaka on May 5 with provision for ATM service, which will commence shortly.
The branch was inaugurated by Dr David T Alvares, joint commissioner, Profession Tax, Mumbai and blessed by Fr Samuel Ribeiro, assistant parish priest, St Anthony Church, Sakinaka.
The chairman of the bank, Albert W D’Souza in his welcome address stated that at present the branch has 24 branches and the 25th silver branch is being inaugurated now. “In March we had inaugurated branches at Vikhroli and Panvel and on May 1 inaugurated our Goregaon (W) branch. I congratulate Andheri (east) customers for their support and patronage to the bank right from the days of the Credit Society, due to which we have opened a branch at Sakinaka today. ‘Small is Effective’ and so the customers can avail good and personalized service from the staff in comparison with large commercial banks. ‘Service with a Smile’ is our philosophy and our young, dynamic and enthusiastic staff at Sakinaka led by the manager Ronald D’Souza are here to serve the customers with a smile,” he said.
“The institute completed 103 years of existence on April 26 and crossed deposits of Rs 1,000 crore as on March 1. With deposits of Rs 1030 crore and advance of Rs 570 crore, the bank has achieved total business of about Rs 1600 crore and is on the threshold of achieving Scheduled Bank status, after which the sky is the limit for future expansion. I thank the customers for their invaluable support and trust.
“The bank is honored to be recognized as 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 from Rs 300 crore to Rs 1500 crore for 2013-14 and 2014 -15 and bagged prize for the best bank among co-operative banks in Mumbai in the category of deposits above Rs 500 crore awarded by the Maharashtra State Co-operative Banks Association Ltd, Mumbai for 2014-15 and the Brihan Mumbai Nagari Sahakari Banks Association Ltd for 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.”
Founder chairman, John D’Silva stated that opening of the 25th branch is a great achievement for Model Co-op Bank Ltd. “The bank aims for skill development and helps young people to become entrepreneurs. We have opened a branch at Sakinaka at the request of the people. I urge the citizens of the area to come forward and avail of the various facilities and services provided by the bank.”
Guardian director, Vincent Mathias stated that saplings planted by all the citizens in the area have now grown and borne fruits. “We have inaugurated our 25th branch at Sakinaka and we are here at the right time. We need to inspire our youngsters to take up entrepreneurship, create wealth for them and for the nation”.
Fr Samuel Ribeiro, assistant parish priest, St Anthony Church, Sakinaka in his address, stated that we youngsters need to be encouraged to take up entrepreneurship or studies in IAS and IPS. “I encourage the gathering to patronize the bank and wish the bank success.”
Chief guest Dr David T Alvares, joint commissioner profession tax, Mumbai stated that he was honored to be the chief guest for the inauguration ceremony of the 25th silver branch of the bank. “I encourage the gathering to avail the services of the bank. The bank offers low rate of interest on advances and pays high rate of interest on deposits.”
The bank offers convenient services to its customers with full CBS enabled network and operations and provides services of ATM, SMS alerts, Personalised 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.
Subhash Mhatre, partner of Suhan Aerosol, presented a bouquet to the bank in appreciation of the services provided to him and on the inauguration of our 25th branch.
A large number of customers, shareholders, well wishers and bank officials were present on the occasion.
Directors Paul Nazareth, Lawrence D’Souza, Gerald Cardoza, A C Lobo and Marita D’Mello graced the occasion.
William L D’Souza, GM and CEO, Shashi Shetty, assistant general manager and Naresh Thakur, assistant general manager were also present.
Edward Rasquinha, manager compered the programme. The dignitaries were felicitated with floral tributes. Branch manager Ronald D’Souza proposed the vote of thanks. The function concluded with the singing of the National Anthem.