Rons Bantwal
Mumbai, Nov 19: In recognition of its significant contribution to the urban cooperative banking sector of Greater Mumbai, the Reserve Bank of India (RBI) has accorded Scheduled Bank status to Model Co-operative Bank Ltd, which has been serving the community for many decades.
The Mumbai-based RBI has included model bank in the second schedule of the Reserve Bank of India Act, 1934, thereby granting it the prestigious status of a ‘Scheduled Bank.’ As per section 42(6)(a) of the RBI Act, 1934, the RBI issued a gazette notification on Thursday announcing the inclusion of Model Co-operative Bank Ltd in the second schedule and elevating it to Scheduled Bank (Listed Scheduled Bank) status.
Model Bank is the fourth Urban Co-operative Bank (UCB) to receive scheduled status in the current financial year, a matter of pride for the institution. Expressing immense happiness over the RBI’s recognition, Model Bank’s chairman Albert W D’Souza extended his gratitude to the RBI.
With this inclusion, the bank will now enjoy several benefits such as availing loans from the RBI at the bank rate, participating in clearing houses, and enhancing its financial credibility among shareholders and customers. He noted that although the bank had been striving for scheduled status for many years, it has finally succeeded.
Founded by members of the Christian community of Karnataka’s coastal region under the name Mangalorean Catholic Credit Society Ltd, the institution has grown into the present Model Co-operative Bank Ltd, which recently held its 108th Annual General Meeting. During the meeting, the bank had clearly stated its primary objective of securing scheduled status, said Albert D’Souza.
The Model Bank board presented the annual report, audited financial statements, and the statutory audit report for the financial year ending 2025. The bank recorded total business of around Rs 1,900 crore, with a net profit of Rs 7.26 cr after tax for 2024–25. Owing to this remarkable financial performance, the RBI classified the bank under the ‘A’ audit category, D’Souza added.
At the 26th Annual Ceremony of the Maharashtra State Co-operative Banks Association Ltd held last July under the presidency of Bhau Bhagwant Kad, Model Bank received the Padmabhushan Vasantdada Patil Outstanding Urban Co-operative Bank Award. Maharashtra’s Minister of State for Home (Rural), Housing, Education, Co-operation, and Mining, Dr Pankaj Rajesh Bhoyar, presented the award, D’Souza said.
Among 1,472 urban co-operative institutions in the country, Model Bank stands within the top 6%, and has received several awards at city, state, and national levels for its consistent performance. Its capital adequacy ratio is 15.82%, which is above the RBI requirement of 12%. These indicators reflect the strong financial health of the bank. The bank has served as a source of employment and skill development for the youth of the community. Achieving Scheduled Bank status brings both pride and added responsibility. D’Souza expressed gratitude to the founders, shareholders, former and current directors, customers, well-wishers, and staff whose efforts made this recognition possible.
Currently, the bank’s board includes: Vice-chairman: Maxim I Pinto directors: William Sequeira, Vincent Mathias, CA Paul Nazareth, Abraham Clement Lobo, Sanjay Shinde, Thomas D Lobo, Lawrence D’Souza, advocate Pius Vas, Gerald Cardoza, Ancy D’Souza, Hilary L Mendonca, advocate Fiona M Nazareth, Asha S D’Souza, George Castelino, Ronald H Mendonca, external board members: CA Elroy Rodrigues, Jude P Lobo, Sunna A Lobo, general manager & CEO: Osden A Fonseca.