Cruising on the growth path, Maharashtra based Model Cooperative Bank inaugurated its 22nd branch at Vikhroli last Sunday and also crossed a deposit threshold of Rs 1000 crores before the end of the current financial year. This information was shared by the Chairman Albert W.D’Souza of the UCB.
Buoyed with the unprecedented success, Model Cooperative Bank Chairman stated that with deposits of Rs 1000 crores and advances of Rs 550 crores the bank has achieved total business of about Rs 1550 crores before the end of current financial year. The Bank is on the threshold of achieving Scheduled Status. The Chairman thanked the customers for their invaluable support and trust”, he added during the inauguration.
According to the press release sent to Indian Cooperative by the bank, “Model Co-operative Bank Ltd. opened its 22nd Branch at Vikhroli (East) on Sunday. The Branch was inaugurated by G. V. Bilolikar, Jt. Commissioner of G.S.T., Mumbai. Rev. Fr. Rocky Banz, Parish Priest, St. Joseph Church, Vikhroli (West) was also present”.
“Our 23rd branch at Panvel will be inaugurated on 20th March 2019 and two more Branches will be inaugurated at Goregaon (W) and Sakinaka in the month of April 2019. We will be having 25 branches by the end of April”, D’Souza said proudly.
The Chairman further stated that Model Co-op. Bank Ltd. is offering highest interest on Fixed Deposits and lowest interest on loans compared to other Banks.
The Chief Guest G. V. Bilolikar in his address congratulated the Bank for achieving Rs.1000 crores deposit and stated that he was honored to be the Chief Guest of the function at this important stage of development of the Bank, wherein the Bank is opening series of branches.
Bank CEO William D’ Souza added that, “The Bank is also planning to take IFSC code to start the direct facility of RTGS. Presently, HDFC is our partner. We have also applied for mobile banking and IMPS facilities”, he said enumerating the future goals”.
Rev.Fr. Rocky Banz, Parish Priest, St. Joseph Church, Vikhroli (West) in his address said he was privileged to bless the Branch premises of the Bank & expressed his gratitude to the Bank for having opened a Branch in Vikhroli (East).
“I invite the people to avail of the services of the Bank and the Bank should cater to the needs of the people not for profit but for reaching out to the needs of the oppressed and the downtrodden by charging low interest rates”, Banz underlined.
On the occasion, a large number of customers, shareholders, well-wishers and Bank Officials were present. Bank Vice-Chairman, William Sequeira and Directors Paul Nazareth, A. C. Lobo, Gerald Cardoza, Benedicta Rebello, Marita D’Mello, Pius Vas and Ancy D’Souza graced the occasion.
The Bank was registered way back on 26th April, 1916. It has completed 100 years of its existence on 26.04.2016. The bank earned a net profit to the tune of Rs 8.35 crore in the last financial year.