Maharashtra based 99 years old Bassein Catholic Cooperative Bank (BCCB) is perhaps an exception. Contrary to general impression, there was an increase in deposits during demonetization, claimed Sachin Nester Pereira Chairman of Bassein Catholic Cooperative Bank Pereira.
Recently in news for not allowing non-Christians as members the UCB’s deposits stood at Rs 5567.46 crore on 31st March 2017 registering a growth of 17.77 percent with an increase of Rs 840.08 crore over the previous year.
Bassein Catholic Cooperative Bank is trying hard to achieve the status of a Multi-State Scheduled Bank in this financial year and has also got somewhat success. It is now preparing to expand its business in the Union Territory of Dadra & Nagar Haveli.
In a chat with Indian Cooperative correspondent its Chairman Mr Pereira said “we have met all the criteria and hope to achieve the multi-state status soon. We have decided to expand our business activities in the Union Territory of Dadar & Nagar Haveli, an area edged between Maharashtra and Gujarat”, he said.
Meanwhile, Bank Chairman Pereira has claimed the bank would aim to achieve a business mix of Rs 20,000 crore by the year 2020 expanding a network of 75 branches, introducing micro finance business, driving Forex business growth, introducing Demat and ASBA services .These are some of the key targets the bank hopes to achieve in the foreseeable future.
The bank is having a network of about 58 branches in Maharashtra and has received permission from RBI to open four new branches and three extension counters in this financial year, claimed the Chairman.
The Bank has entered into the centenary year and organized a mega inaugural event at St. Gonsalo Garcia College ground, Vasai and will hold the concluding ceremony in February 2018.
The Bassein Catholic Cooperative Bank was established by Social reformer P.J.Monis, Christian missionary on 6 February 1918 in Vasai. This Maharashtra based UCB Bank is having more than 90,000 shareholders and has earned a net profit of Rs 75 crore in the last financial year i.e. 2016-17.
The Bank has been giving 15 percent dividend to its members for 22 years.