Mangalore: MCC Bank Morgans Gate Branch Shifted to Spacious Premises

Pics: Nellu Permannur
Daijiworld Media Network - Mangalore (SP)

Mangalore, Jun 1: The Mangalore Catholic Cooperative Bank Ltd (MCC) shifted its Morgans Gate branch in the city to a more convenient location at the ground floor, Springs Apartment Building, Nandigudda Main Road, Morgans Gate here on Monday June 1.

Local City Corporation corporator Vijayalaxmi K B K inaugurated the new premises of the Bank. Jacintha V Alfred, another corporator, inaugurated the strong room. Fr Prakash Anil Castelino blessed the premises. Chairman of MCC Bank Melwin D'Cunha delivered the welcome address and chaired the proceedings. Edward Nazareth, director of MCC Bank, delivered introductory address.

In his address, Nazareth recalled that the branch which was opened on May 11, 1995, has shown good progress. MCC Bank, opened in 1912, during its 96 years of illustrious existence, has gone through various ups and downs. The financial institutions in the country had started feeling the heat of the worsened economic situation even before the global economic downslide affected the country. Several private banks and non-banking finance corporations too faced problems, several of which were closed down, being unable to face the tough situation. Many cooperation banks too have shut their business, except for a few who could withstand the adverse situation. The nationalized banks however, have been largely unaffected and continue to record good progress. MCC Bank is one of those which could wither the storm and stand firm amidst ruins. The Bank has recorded a considerable progress during the last one year, by improving share capital from Rs 331 lac to 371 lac, adding 631 new members, recording a jump of 19.33% under fixed deposits and 51% under loans and advances, Nazareth explained.

Under non-performing assets, the bank recovered 88.13 lac, bringing down the NPA by 5.33%. Out of 16 branches of the Bank, 15 have made profits and the salaries of the employees were hiked after a gap of eight years, he divulged. Spelling out detailed plans of the bank to bring itself closer to its customers, reduce cost of funds, introduce core banking, running on two shifts from 8 am to 8 pm etc., he said that no stone will be unturned to ensure that the Bank will regain its past glory.

City Corporation corporator Suresh Babu, T K Sudhir, secretary, District Congress Committee and former corporator, were present. Edward D'Souza, manager of the branch, proposed vote of thanks. Raymond D'Cunha, director, compered the programme.

On the occasion, Adolphus Cutinho (Dolla), MCC Bank director, who had taken immense interest in getting the branch shifted to a more convenient and customer-friendly location, was felicitated.