By Rons Bantwal

Mumbai, Sep 30: The 104th Annual General Meeting of Model Co-operative Bank Ltd. was held at 10.30 a.m. on Thursday 30th September, 2021 online. Due to the pandemic related restrictions on gatherings this was the first time that the Bank was holding its AGM online.

The Chairman Albert W. D'Souza presided over the meeting and extended a warm welcome to the Shareholders / Members. He thanked them for participating online in the Annual General Meeting and reposing their trust in the Bank. The Chairman in his opening address to the Shareholders gave an overview of the economy and spoke on how the Bank was able to support it’s customers during the pandemic. The Bank had kept all services operational and ensured care was taken for safety of customers and staff. He thanked the shareholders for their continuous support and encouragement, due to which the Bank has been able to grow from strength to strength. He appealed to the shareholders to avail of the services offered by the Bank and to introduce new customers to the Bank.

Financial highlights of the Bank include - achieved deposit of Rs.1103.33 crores and Advances of Rs. 572.28 crores i.e. a Business mix of Rs. 1675.61 crores; well controlled NPA level at 2.22%; capital adequacy ratio of 13.55%; CRR and SLR always maintained; CBS full implemented; Sound control and Regulatory comfort. The Bank has met all the parameters required for a FSWM (Financially Sound and Well Managed) Bank, which was commendable considering the economic situation caused due to Covid. The overall performance of the bank has been good.

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2021. The Members raised queries and the Chairman and Officiating General Manager Zenon D’Cruz provided, clarifications to the queries to the satisfaction of the Members present.

Founder Chairman, John D'Silva addressed the gathering.

Directors Vincent Mathias, Paul Nazareth, A. C. Lobo, Sanjay Shinde, Thomas Lobo, Lawrence D’Souza, Adv.Pius Vas, Benedicta Rebello, Gerald Cardoza, Ancy D’Souza and George Castelino were also present.

Shareholders who interacted at the meeting giving their views and suggestions were Dr. Thomas Mathai, Neville D’Silva, Mark Oliveira, Edwin Menda, John Lobo, Robert Nazareth, Desmond D’Silva, Aldon Fernandes and Francina D’Souza.

Approximately 115 shareholders participated in the meeting on-line. The meeting commenced with a short prayer by Director Thomas Lobo and a reading read by Sr. Manager Beata Carvalho. Mr. Osden Fonseca (currently Asst. General Manager and to be General Manager & CEO - Designate) compered the programme. Vice Chairman William Sequeira proposed the vote of thanks.

We wish Model Co-op. Bank Ltd. all the best for the future and are sure that the Bank will grow from strength to strength under the guidance of it’s Chairman and Directors, able and professional Management & Staff, support and patronage of Customers and Shareholders.