Model Co-Operative Bank Ltd. holds 106th AGM

By Rons Bantwal
Bellevision Media Network

Mumbai, 08 Sep 2023: The 106th Annual General Meeting of Model Co-operative Bank Ltd. was held on Thursday 7th September 2023 at St. Andrew’s Auditorium, St. Dominic Road, Bandra West, Mumbai.

 

The Chairman Albert W. D’Souza presided over the meeting and extended a warm welcome to the shareholders. He thanked them for attending the Annual General Meeting and reposing their trust in the Bank. The Chairman in his inaugural speech, to the shareholders stated that the new Board of Directors has been formed in November 2022 with a 5 year term till November 2027. The Chairman introduced the Board Members and stated that the Board is dynamic and has a good mix of senior bankers, well established businessmen and prominent professionals.

 

The Chairman informed the Shareholders that the F.Y. 2022-23 saw our lives and businesses get back to normal after a couple of years covered under the ‘Covid’ blanket. The Bank has achieved deposit of Rs. 1152.46 crs, a growth of Rs. 30.32 crs. The advances of the Bank have increased to Rs. 617.00 crs, an increase of Rs. 24.22 crs. The Net NPA reduced from 1.88% to 0.94%. The Net Profit (after tax) stood at Rs. 8.21 crs. The Bank continues to meet all the parameters for a Financially Sound and Well Managed Bank.

 

 

The Bank provides most of the digital services such as Mobile Banking, Internet Statement View Facility, UPI Payment Interface, Tie-Up for Card Swipe Machines, ATM cum Debit cards, which can be used at over 2.66 lakh ATMs. During the year the Bank has introduced ‘Contactless or Tap – ATM cum Debit Cards’. The Bank also has Authorised Dealer Category II license for Full Fledged Money Changing Operations for Foreign Exchange as well as NRE accounts for our NRIs.

 

The Chairman presented the Audited Statements of Accounts including the Balance Sheet and Profit and Loss Account for the year ended March 31, 2023. The Members raised queries and the Chairman and General Manager & C.E.O Osden A. Fonseca provided clarifications to the queries to the satisfaction of the Members present.

 

The meeting commenced with a short prayer by Rev. Fr. Lancy Pinto, Parish Priest, St. Michael’s Church, Mahim. As a part of its IT initiative, the Bank inaugurated two Digital Products viz. QR Code Scanner for seamless, secure and hassle free payments and RuPay Platinum Debit Card to provide exclusive and convenient benefits to the customers. The products were inaugurated by Chairman Albert W. D’Souza, Vice Chairman William J. Sequeira, Founder Chairman. John D’Silva and Professional Director Ronald H. Mendonca.

 

Vice Chairman William J. Sequeira, Founder Chairman John D’Silva, Vincent Mathias, CA.Paul Nazareth, Abraham Clement Lobo, Sanjay Shinde, Thomas D. Lobo, Lawrence D’Souza, Adv. Pius Vaz, Gerald Cardoza, Ancy D’Souza, George Castelino, Ronald H. Mendonza, Hilary L. Mendonza, Maxim I. Pinto, Advocate Fiona M. Nazareth, Asha S. D’Souza, General Manager and CEO Osden A. Fonseca, Additional General Manager Zenon D’Cruz and Assistant General Managers Jude D’Silva, Andrew Fernandes and Naresh Thakur, Members of the Board of Directors (External Members) of the Bank are C. A. Elroy Rodriguez, Jude P. Lobo, Sanna A. Lobo, Immediate Past Director Benedicta Rebello were on dais.

 

Founder Chairman, John D’Silva and Directors Adv. Pius Vas and Maxim Pinto addressed the gathering.

 

Hundreds of shareholders and well-wishers of the bank were present in the meeting and members of the audience Capt. Menino Fernandes, John Lobo, Arthur D’souza, Rita D’sa, John Machado, Edwin Menda, spoke about the service operation of the bank, performance, customer benefit and growth of the bank and expressed their support.

 

CEO Osden A. Fonseca read the last annual report of Financial Year to the shareholders the bank has a total of 25 branches in Brihanmumbai, Navi Mumbai, Thane district, Palghar district and Raigad district and has around 19,810 shareholders and clarified the questions of the shareholders.

 

Senior officers, heads of various branches were present and the members, customers and well-wishers of the bank who passed away in the past year were paid tribute at the beginning of the meeting. Senior Manager Ms. Beata Carvalho, and Kalina Branch Manager Ms. Roshni Monteiro compered the programme. William J. Sequeira proposed the vote of thanks.