Mumbai: Model Bank opens 20th branch at Bhayander (W)

By Rons Bantwal
Bellevision Media Network

Mumbai, 02 Oct 2016: Model Co-operative Bank opened its 20th branch at Bhayander (West) here on Saturday October 1.

 

Mira – Bhayandar municipal commissioner Dr Naresh B Gite inaugurated the branch here on Saturday morning.  Bhayandar (West) - Our Lady of Nazareth parish priest Fr Anselm Gonsalves blessed the new branch on the occasion.

 

Model Bank chairman Albert W D’Souza in his welcome address said that Reserve Bank of India has granted licenses to open 9 branches by October 2016 and Bhayander (West) was 8th one. The Bank will be expanding its network at Virar (West) here on October 16 to complete 21 branches by October 2016.

 

He also said that Model Bank completed 100 years on April 26.  It has deposits of Rs 825 crore and a total business turnover of about Rs1250 crores, thereby Bank is marching towards its goal of achieving Scheduled Status as the present minimum requirement of Demand and Time Liabilities to include any Co-operative Bank in the 2nd Schedule to the Reserve Bank of India Act is Rs 750 crore.

 

The Bank was reckoned as one among top 3 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 above Rs300 crore to Rs 1500 crore for the year 2013-14 and 1st Prize for Best Bank among Co-operative Banks in Mumbai Region in the category of deposits above Rs 500 crore awarded by the Maharashtra State Co-operative Banks Association Ltd., Mumbai, for the year 2014-15, said D’Souza.

 

 

He also said that on September 21, 2016, Model Bank has once again been awarded the honor to be among the top 3 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 above Rs 300 crore to Rs 1500 crore for the year 2014-15.

 

Model Bank is offering highest interest on fixed deposits and lowest interest on loans compared to other Banks, added D’Souza.

 

The founder chairmanJohn D’Silva in his address said that the Bank being a Co-operative Bank, is catering to the needs of the most common man and urged the members to avail of its products and services.

 

Fr Anselm Gonsalves in his address said he was privileged to bless the Branch premises of the Bank and expressed his gratitude to the Bank for having opened a Branch in Bhayander (W).  He said that Model Bank is now available in in Bhayandar (W) to meet the banking needs of all the residents, who were long-waiting for a Branch of this Bank to be opened in this area. Fr Anselm Gonsalves extended his co-operation to the Bank and wished the Bank success in its work.

 

The chief guest Dr Naresh B Gite in his address said that it is a great achievement for this Institution which was a Credit Society and converted into a Bank, which is already having 20 branches.  He welcomed Model Bank to the Bhayander (W) area and appealed to them to take care of the Banking needs of the poor people of this area, which is also the thrust of the Prime Minister.  He further said that the Bank should provide zero balance accounts to encourage the poor people to Bank with.

 

He presented the chairman and Board of Directors with sapling and requested them to take care of it, and make it grow, as this is the drive undertaken by the state government.

 

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). 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 special and lowest interest @ 11.50 percent.

 

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

 

Among the dignitaries, Catleen Pereira, former mayor of Mira Bhayander, George Sequeira, president of Konkani Welfare Association, Mira – Bhayander, Anthony Correa, president of St Vincent de Paul Society, Brine Rodrigues, partner of Narang Roadways and president of Gaonki Mandal and Anthony S Pereira, businessman were present.

 

William Sequeira- vice chairman and directors- Vincent Mathias, Paul Nazareth, Abraham C Lobo, Sanjay Shinde, Lawrence D’Souza, Ancy D’Souza, Thomas Lobo, Gerald Cardoza, Benedicta Rebello and Marita D’Mello were present.

 

William L D’Souza, GM and CEO, Harold M Serrao, additional general manager were also present.

 

Edward Rasquinha, Manager compered the programme.  The branch manager Gauldin Fernandes proposed the vote of thanks.

 

The function concluded with the singing of the National Anthem.