Mumbai: Model Co-op Bank opens 16th branch at Kalina, Santacruz (E)

By Rons Bantwal
Bellevision Media Network

Mumbai, 15 March 2016: Model Co-operative Bank opened its 16th branch at Vohra Galaxy, Kalina Kurla Road, Kalina, Santacruz (East), here on Sunday March 14.

 

The Bombay High Court retired judge Aloysius S Aguiar inaugurated the branch on the occasion.

 

Fr Nicholas Pereira, assistant parish priest of Our Lady of Egypt Church, Kalina, Santacruz (East) here blessed the new branch.

 

 

Model Co-operative Bank chairman Albert W. D’Souza in his welcome address stated that Reserve Bank of India has granted licenses to open 5 more branches during the year and the Bank will be expanding its network at Palghar (West), Virar (West), Vasai (West), Bhayander (West) and Dombivli (East) and the Bank will be having 21 Branches by October 2016.

 

He also stated that the Bank is celebrating its Centenary Year during 2015-16 and will be completing 100 years of existence as an Institution on 26.04.2016. He stated that with deposits of Rs742 crore and a turnover of about Rs 1,200 crore the Bank is marching towards its goal of achieving Scheduled Status as the present limit of Demand and Time Liabilities to include any Co-operative Bank in the 2ndSchedule to the Reserve Bank of India Act is Rs 750 crore. He assured that the Bank will achieve this target by 31st March, 2016 so as to be eligible to attain Scheduled Bank Status.

 

Fr Nicholas Pereira in his address lauded the services of the Bank and stated that he was a happy customer of the Bank since 1999. 

 

The judge Aloysius S Aguiar stated that he was associated with the Bank since 1999 when he inaugurated the Borivali (West) branch, here and he has been observing that the Bank is growing from strength to strength.

 

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, Reliance Electricity Bill Collection, Bancassurance, RTGS/NEFT, E-Tax Payment Facility, Cheque Truncation System, Direct Clearing, Direct Benefit Transfer Scheme (LPG Subsidy), Seven Day Working at Amboli, Borivli (W) and Dahisar (W). 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, Business Loans with the special and lowest interest @ 11.50 percent per annum.

 

A large number of customers, shareholders, well wishers and Bank Officials were present on the occasion.   

 

Among the dignitaries the local former corporator Therattil Alice Johnson, Christian Chamber of Commerce & Industry former president Henry Lobo, Bombay Catholic Sabha former president Dolphy D’Souza, Dimensions - founder chairman Freddie Mendonca, Trinity Tours & Travels managing director Baby John were also present.

 

Model Bank vice chairman William Sequeira, directors Vincent Mathias, P L S Pinto, Paul Nazareth, A C Lobo, Lawrence D’Souza, Pius Vas, Benedicta Rebello, Marita D’Mello and Thomas Lobo graced the occasion.

 

Model Bank CEO William L D’Souza, additional general manager Herald M Serrao was also present.

 

The manager Edward Rasquinha compered the programme. William Sequeira proposed the vote of thanks.