PMC Co-op Bank: First bank to launch Rupay Credit Card

Punjab and Maharashtra Urban Cooperative Bank is among the first top 10 cooperative banks of the country to have launched Rupay Credit Card facility in the cooperative banking sector, said Managing Director Joy Thomas in an exclusive interview with this correspondent in Mumbai.

The bank sets great store by gender empowerment with women composing 70 % of its workforce. It charges 1 percent less rate of Interest for education loans to girls and women. It offers special saving accounts scheme for women, he added.

Thomas who is Managing Director for 32 years said “In the last financial year we have earned a net profit of about Rs 97 crore and we are the youngest bank to have achieved the scheduled status in 2000. The Bank is having 126 branches with ATM facilities across India.

The bank that came into existence in a small room at Sion in Maharashtra in1984 as a single branch bank had been started by the taxi drivers and Punjabi community with an aim to provide hassle free banking services to the people, said Thomas recalling the history of the bank .

When asked about the challenges faced in developing the bank MD said “The cooperative sector is not favorably perceived by the people and this is largely due to a few disreputable entities among us spoiling our image. I am sure, soon the cooperative sector will regain its credibility and prove crucial to the country’s growth.” ”.

The central govt. should give as many benefits to the cooperative sector banks as it does to the public and private sector banks. The road map earlier prepared to convert urban cooperative banks into private banks should be implemented, he demanded.

Demonetization has not affected our business but the shortage of new currency was the challenge we faced , Thomas said.

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