Mumbai: Model Bank opens 21st Branch at Virar (W)

By Rons Bantwal
Bellevision Media Network

Mumbai, 18 Oct 2016: Model Co-operative Bank opened its 21st branch at Virar (West) on Sunday, October 16.

 

Vasai – Virar DySP Anil Aakade inaugurated the new branch, while Fr Philip Vaz, parish priest of St Mother Theresa church, Virar (West) here blessed the new premises.

 

 

Model Bank chairman Albert W. D’Souza in his welcome address said that Reserve Bank of India has granted licenses to open 9 branches during the year and Virar (West) is the 9th license. He said, ‘We have not opened our Branch in this area to compete with the other Co-operative/ Nationalized Banks, but we are here to compliment the citizens with the services that cannot be provided by other Banks,’ said Albert.

 

He also said that the Institution has completed 100 years of existence on April 26, 2016. With deposits of Rs 825 crore and a total business of about Rs 1,300 crore’ the 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.

 

Chairman said that the Bank is honored to be recognized as 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 1,500 crore for the year 2013-14 and1st 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. 

 

The Chairman further said that Model Co-op. Bank is offering highest interest on Fixed Deposits and lowest interest on loans compared to other Banks.

 

The founder chairman John 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 people of Virar to avail of its products and services.

 

Fr Philip Vaz, in his address said that he was privileged to bless the Branch premises of the Bank and expressed his gratitude to the Bank for having opened a branch in Virar (W). He invited the community members to avail of the services of the Bank.

 

Fr Ramesh D’Souza, assistant parish priest of St Mother Teresa Church, Virar (W) led the gathering into melodious spiritual singing. He said. ‘Model Co-op Bank is now available in our area 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.’

 

Anil Aakade 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 21 Branches. He spoke in regard to the precautionary measures to be taken for cyber crimes. He said that the court has passed the Maharashtra Protection of Interests of Deposits Act, 1999 and all Depositors must be aware of this.

 

Director Thomas Lobo said that staff of the Bank are eager to extend service with a personal touch.

 

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, Business Loans with the special and lowest interest @ 11.50 percent per annuam.

 

 

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

 

The Bank vice chairman William Sequeira and directors Paul Nazareth, Thomas Lobo, Abraham C Lobo, Pius Vas, Marita D’Mello, Benedicta Rebello, Gerald Cardoza and Ancy D’Souza were present.

 

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

 

Edward Rasquinha, manager compered the programme. Branch manager Richard Fernandes proposed the vote of thanks. 

 

The function concluded with the singing of the National Anthem.