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Mangaluru: MCC Bank attained spectacular growth in last 5 years – Chairman Francis Cutinho


Daijiworld Media Network – Mangaluru (EP)

Mangaluru, Aug 8: Mangalore Catholic Cooperative (MCC) Bank Ltd is gearing for the director’s board elections, which is scheduled to be held on August 26.

The bank’s present chairman Francis Cutinho, has confirmed that he is happy with his previous service as chairman and as director before that and does not intend to contest in the forthcoming elections.

In an interview with Daijiworld, Francis Cutinho shares details of the progress and achievements of the bank, during his term.

 

"I have always considered that the authority given by members to the governing council of the bank as a huge responsibility. I have done my duty sincerely. I am glad to inform you that the management of the bank has succeeded in providing new facilities and competitive rates of interest to the customers of our bank,” says Francis Cutinho.

The bank, which implemented five year planning, upgraded core banking and provided RTGS/NEFT/CTS, Anywhere Banking, SMS, IMPS and mobile banking services during the present term. E-Stamping facilities were introduced for the benefit of customers. The facilities such as ATM and NRE facilities attract young customers. We have a plan of distributing 10,000 ATM RuPay cards. As many as 4,500 ATM cards were already distributed so that customers may receive E Commerce and POS facilities while the bank's business grows,” he adds.

Revealing the secret of the bank’s success during the demonetization period he says, “Though demonetization by the union government during our five-year term was an impediment for our business and some national banks incurred losses, our bank has earned the maximum profit. Out of Rs 21.5 crore invested in debt funds during our term, Rs 5 crore was withdrawn after three years. The bank earned a profit of Rs 1.48 crore after indexation benefit in the transaction. The investment period for remaining Rs 16.5 crores was completed in April, 2018. Rs 4.87 crore net profit was also made in this,”

“The profit during our five year's duration is Rs 1,589.98 lacs with an increase of 143.92%. The net profit for the five year period of 2008-13 was Rs 651.86 lacs. Rs 436.09 lacs were transferred to reserve fund during the previous term. Rs 861.06 lacs of profit were transferred to reserve fund during our term which is an increase of 98%. Share capital has increased by Rs 304.51 lacs during 2008-13 with an increase of 144.72% during our term," he informs.

“We have succeeded in maintaining equilibrium in deposits and loans, while earning more profit. Our bank was honoured with best cooperative society award on district level and best cooperative bank among town cooperative banks in Mysuru division for optimum use of working capital. As there is a provision to keep money in charity fund, 10% is reserved in it for the last four years. The amount has now reached Rs 66.92 lacs. I consider it as our duty to utilize the money and indulge in noble work in the future for the betterment of those who are deprived of opportunities. It is a plan prepared during our term. We could not open new branches. The NPA at present is 8.24%. If it comes down to 7%, we will be able to open new branches,” he explains.

Thanking the all members and customers he says “The primary-stage facilities for our customers and youth are available in the bank now. I request our customers and members to encourage others to transact with our bank. Let us make the bank reach greater heights and call it as our bank. My five year term is over. You have given me the opportunity to become first chairman of second century and also the 100th general body meeting was held during my term. I convey my gratitude to the members, directors of governing council, and staff. Let us join hands for the progress of the bank,”

“Same time I advice the new governing council to continue the plans which we implemented, which are already appreciated by members and customers. We had a project of opening few new branches. I hope the new board of directors will take initiative of completing this project as soon as possible. 90 % of work which is necessary for the effective progress in our bank has already been completed. So I think the new council will not face difficulties while they take over,” he concludes.

Contact:

MCC Bank Ltd
St Aloysius College Road
Hampankatta, Mangaluru - 575001

Email: info@mccbank.in

infomccbank.in@gmail.com

0824-2421369/0824-2445742

Website : Click here

 


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Comment on this article

  • Gilbert, Udupi District

    Thu, Aug 9 2018

    Congratulations for the spectacular growth.

    Reply Report Abuse Agree [2]

  • Francis, Shirva/UK

    Thu, Aug 9 2018

    Good performance by MCC bank in recent years. Still need to reach out more and more people by trust.

    Reply Report Abuse Agree [2]

  • Peter Anthony Pinto, Gurpur / Urwa

    Wed, Aug 8 2018

    Kudos to team 2013 - 18. It was tough time to achieve the set goal due to ups and downs in the economy. Banks faced lot of challenges in this period externally and internally. Inspite of all challenges, you have done it. 106 years banking history, 16 plus(pipeline) Branches are in operation, 300 plus crore deposits, 30,000 plus stake holders, need a strong leadership and committed team members to make it big and prosperous.

    Reply Report Abuse Agree [2]

  • J.j.v.Fernandes, bejai,mangalore

    Wed, Aug 8 2018

    continue to serve the bank in the interest of the community .We will support people like you. Ex, Director,MCC.bank.

    Reply Report Abuse Agree [4]

  • Valerian D'Souza, Udupi / Mumbai

    Wed, Aug 8 2018

    Mangalorean's have successful bankers blood.
    Those who are quite sincere in give and take business will have the ability to become good bankers.
    Lekkakke dukka Ella. ( Shouldn't have any hesitation in settling accounts philosophy)
    We have to accept, Konkanas are much ahead of us in this business.
    May be it's in genes. Our ancestors told us that we share the same blood. We believe it.

    Reply Report Abuse Agree [8]

  • Lionel Dsouza, Mangalore

    Wed, Aug 8 2018

    GREAT JOB ...KEEP IT UP....
    I WORKED FOR AMERICAN BANK FOR MANY YEARS...….YOU PEOPLE ARE DOING A GREAT JOB....TECHNOLOGICAL ADVANCEMENT SHOULD BE YOUR GOAL.....

    Reply Report Abuse Agree [7]

  • Jossey Saldanha, Mumbai

    Wed, Aug 8 2018

    All great banks were launched in Mangaluru ...

    Reply Report Abuse Agree [8]

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Title : Mangaluru: MCC Bank attained spectacular growth in last 5 years – Chairman Francis Cutinho


 
 
 
 

 
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