By Rons Bantwal
Daijiworld Media Network—Mumbai (RD/CN)
 
Mumbai, Jul 27: The annual general body meeting of Model Co-operative Bank was held at the auditorium of St Xavier’s Institute of Engineering College, Mahim (West), here on Sunday July 26.

Bank deputy chairman Prof A P D’Souza presided over the meeting in the absence of chairman Albert W D’Souza.

The bank was floated by a handful of Mangalorean bankers, nine decades ago in the metro.

Prof D’Souza said, “The apprehension over the survival of co-operative banks due to intense competition from foreign banks in India, is not justified. Co-operative banks still serve the poor and medium income group. Although the progress of co-operative banks is restrained by RBI and government policies, the banks are advancing loans to needy customers who are prompt in repayments.”

Bank founder chairman John D’Silva said that co-operative banks should have genuine concern for the economic needs of people. 

“Only co-operative banks can economically empower the masses.  A co-operative bank can get into financial trouble only if it is involved in scams. An honest effort by an efficient board can lead to financial prosperity,” he stressed.
 
Assistant Bishop Percival J E Fernandes of Mumbai, speaking on the occasion, said that co-operative banks are the lifeline of the masses since the banks have adopted modern banking facilities that have earned them the customers’ trust.    
 
Bank directors Vincent Mathias, Lazarus Menezes, Prem Aranha, William Sequeira, Sanjay Shinde, Benedicta Rebello, Marita D’Mello, Prakash Fernandes, Philip Pinto, former metropolitan police commissioner Ronald H Mendonca, and George Castelino were present.
 
Bank chief general manager Frank R Louis welcomed the gathering and presented the annual report.  Deputy general manager William D’Souza proposed the vote of thanks.