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Mumbai:Model Co-operative Bank Ltd. opened its 21st Branch at Virar (West) on 16th October, 2016. The Branch was inaugurated by Shri Anil Aakade, Deputy Superintendent of Police, Vasai – Virar and blessed by Rev. Fr. Philip Vaz, Parish Priest, Saint Mother Teresa Church, Virar (West).

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 9 Branches during the year and Virar (W) is the 9th license.  He stated that we have not opened our Branch in this area to compete with the other Co-operative / Nationalised Banks, but we are here to compliment the citizens with the services that cannot be provided by other Banks.

He also stated that the Institution has compleed 100 years of existence as an Institution on 26.04.2016 He stated that with deposits of Rs.825.00 crores and a total business of about Rs.1300.00 crores the Bank is marching towards its goal of achieving Scheduled Status as the present minimum requirement 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.

Chairman said that the Bank is honoured to be recognized as the top 3 Financially Sound & Well Managed Co-operative Banks in Mumbai by ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd., Mumbai in the category of Deposits above Rs.300 crores to Rs.1500 crores for the year 2013-14 and 1st Prize for Best Bank among                  Co-operative Banks in Mumbai Region in the category of Deposits above Rs.500 crores awarded by the Maharashtra State Co-operative Banks Association Ltd., Mumbai. for the year 2014-15. 
He further said that on 21st September 2016, our Bank has once again been awarded the honor to be among the top 3 Financially Sound & Well Managed Co-operative Banks in Mumbai by ‘The Brihan Mumbai Nagari Sahakari Banks Association Ltd., Mumbai in the category of Deposits above Rs.300 crores to Rs.1500 crores for the year 2014-15.
The Chairman further said that Model Co-op. Bank Ltd. is offering highest interest on Fixed Deposits and lowest interest on loans compared to other Banks.
The founder Chairman, Mr. John D’Silva in his address stated that the Bank being a Co-operative Bank, is catering to the needs of the most common man and urged the people of Virar to avail of its products and services.
 
Rev.Fr. Philip Vaz, Parish Priest, Saint Mother Teresa Church, Virar (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 Virar (W).  He invited the community Members to avail of the services of the Bank.

Rev. Fr. Ramesh D’Souza, Assistant Parish Priest of Saint Mother Teresa Church, Virar (W) led the gathering into melodious spiritual singing.  He also addressed the gathering and stated that Model Co-op. Bank Ltd., is now available in our area to meet the Banking needs of all the residents, who were long waiting for a Branch of this Bank to be opened in this area.

The Chief Guest Shri Anil Aakade in his address stated that it is a great achievement for this Institution which was a Credit Society and converted into a Bank, which is already having 21 Branches.  He spoke in regard to the precautionary measures to be taken for cyber crimes.  He stated that the Court has passed the Maharashtra Protection of Interests of Deposits Act, 1999 and all Depositors must be aware of this.

Director Mr. Thomas Lobo addressed the gathering and said that staff of the Bank are eager to extend service with a personal touch.

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). 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.

William Sequeira- Vice Chairman and Directors- Paul Nazareth, Thomas Lobo, Abraham C. Lobo, Pius Vas,  Mrs. Marita D’Mello, Mrs. Benedicta Rebello, Gerald Cardoza and Ancy D’Souza 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.               

Branch Manager Richard Fernandes proposed the vote of thanks.

The function concluded with the singing of the National Anthem.