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Model Co-op. Bank Ltd. inaugurates its 16th Branch at Kalina.

Mumbai, March, 2016: Model Bank Co-operative Bank Ltd. opened its 16th Branch at Vohra Galaxy, Kalina Kurla Road, Kalina, Santacruz (East), Mumbai on 13th March, 2016.  The Branch was inaugurated by Hon’ble Justice Aloysius S. Aguiar, Hon’ble Judge of High Court (Retd) and blessed by Rev. Fr. Nicholas Pereira, Assistant Parish Priest, Our Lady of Egypt Church, Kalina.

The Chairman of the Bank Mr. Albert W. D’Souza in his welcome address stated that Reserve Bank of India has granted licenses to open 5 more Branches during the year and the Bank will be expanding its network at Palghar (W), Virar (W), Vasai (W), Bhayander (W) and Dombivli (E) and the Bank will be having 21 Branches by October 2016. He also stated that the Bank is celebrating its Centenary Year during 2015-16 and will be completing 100 years of existence as an Institution on 26.04.2016.  He stated that with deposits of Rs.742.00 crores and a turnover of about Rs.1200.00 crores the Bank is marching towards its goal of achieving Scheduled Status as the present limit of Demand and Time Liabilities to include any Co-operative Bank in the 2nd Schedule to the Reserve Bank of India Act is Rs.750.00 crores.  He assured that the Bank will achieve this target by 31st March, 2016 so as to be eligible to attain Scheduled Bank Status.

Rev. Fr. Nicholas Pereira in his address lauded the services of the Bank and stated that he was a happy customer of the Bank since 1999.  The Chief Guest Justice Aloysius S. Aguiar stated that he was associated with the Bank since 1999 when he inaugurated the Borivli (W) Branch, and he has been observing that the Bank is growing from strength to strength.

The Bank offers convenient services to its customers with full CBS enabled network and operations and provides services of ATM, SMS Alerts, Personalised Cheque Books, Pan Card, Reliance Electricity Bill Collection, Bancassurance, RTGS / NEFT, E-Tax Payment Facility, Cheque Truncation System, Direct Clearing, Direct Benefit Transfer Scheme (LPG Subsidy), Seven Day Working at Amboli, Borivli (W) and Dahisar (W). The Bank offers various Deposit Products.  The Bank has been offering spectrum of financial services to different customer segments covering Housing Loans, Vehicle Loans, Educational Loans, Business Loans with the special and lowest interest @ 11.50% p.a.

A large number of customers, shareholders, well wishers and Bank Officials were present on the occasion.  

Among the dignitaries Local Former Corporator Therattil Alice Johnson, Christian Chamber of Commerce & Industry Former President Henry Lobo, Bombay Catholic Sabha Former President Dolphi D’Souza, Dimensions Founder Chairman Freddie Mendonca, Managing Director of Trinity Tours & Travels Baby John were also present.

William Sequeira, Vice Chairman and Directors Vincent Mathias, P. L. S. Pinto, Paul Nazareth, A. C. Lobo, Lawrence D’Souza, Pius Vas, Benedicta Rebello, Marita D’Mello and Thomas Lobo graced the occasion.

William L D’Souza, GM & CEO, Harold M Serrao, Addl GM were also present.

Edward Rasquinha, Manager compered the programme. The Dignitaries were felicitated with floral tributes. William Sequeira, Vice Chairman proposed the vote of thanks.

The Chairman of the Bank Albert W. D’Souza in his address said that the RBI gave permission to open 9 more branches. These branches will be opened in  Greater Mumbai, Thane, Phalghar and Navi Mumbai. The Bank currently offering loan on very low interest. Model Bank is celebrating its Centenary this year. It was started in 1916 as The Mangalorean Catholic Co-op. Credit Society which later converted into Model Co-operative Bank Ltd. A large number of account holders, shareholder, depositors and bank officials were present on the occasion. Ms Luella Noronha welcomed. William Sequeira, Herald Serro honoured the guests with floral bouquets. Gen. Manager and CEO William L. D’Souza gave vote of thanks. Beeta Carvalho introduced the guests and conducted the programme