Navin Shah has been elected unopposed as the new Chairman of Gujarat based Veraval Mercantile Cooperative Bank in an election held recently. He replaced Dr Kumudchandra A. Fichadia, who has now become the honorary Managing Director of the bank.
Being a leading UCB in the Saurashtra region, the UCB has its branch network in Gir Somnath district, Junagadh district, Rajkot district and Jamnagar district. The Board of Directors of the bank have prominent businessmen, doctors and professionals engaged in various activities.
The board of the bank consists of 18 elected directors and 2 professional directors. The entire process of the election was conducted peacefully with any opposition from any of the quarters. Four newcomers have joined as directors in the new board while remaining ones are from the outgoing board only.
Talking to Indian Cooperative bank’s Chairman said, “I have been on the board of the bank for 20 years and this will be my second term as Chairman. Before Fichadia, I was the Chairman of the bank. I have seen many up and down during my tenure but still the bank is on a growth path”.
“I am very thankful to the board members who reposed faith in me and gave me this responsibility. I am sure that I will meet their expectations and will try to take the bank to the newer heights”, said the newly-elected Chairman.
“Besides, we will make plans and strategies to increase the business of the bank; helping the community in the best possible way remains the cornerstone of our policy”, he said soon after getting elected as the Chairman.
Luckily, for the UCB, there is no adverse impact of Covid-19 on its business. “If we compare the financial figures of 2019-20 with 2018-19, our bank has registered growth on all the financial parameters. Besides, since 2008 our Net NPA is Zero and gross NPA as on 31st March 2021 stood at 1.72 percent. The bank is having a network of 11 branches across Gujarat”, he informed.
Readers would recall that the election process of the bank started on 3rd April 2021 and concluded last week. The Veraval Mercantile Co-operative Bank Ltd. was established in 1972.
