Report and Pics from Rons Bantwal
Daijiworld Media Network – Mumbai (RD/SP)
Mumbai, Mar 10: Bharath Co-Operative Bank (Mumbai) Limited will be opening its 32nd branch at Udupi on Thursday March 12. The proposed branch will be located in the heart of the town in Udupi, on the ground floor of Vasuki Building near the taluk office and behind the district court. It will offer services to the people of the coast, whos long-cherished dream of many years will be coming true with opening of its branch there.
Former union finance minister Janardhan Poojary had accorded approval for the proposal to open 17 branches of Bharath Co-Operative bank out of a total of 32 branches, during his term in the union cabinet. In the backdrop of opening its branch in the native town Udupi, the Bank will serve the locals with all the banking facilities. On this happy occasion, it would be appropriate to briefly explain the path treaded by Bharat Co-Operative Bank (Mumbai) Limited, since its inception.
Bharath Co-Operative Bank (Mumbai) Limited:
It was founded under the aegis of Billava Association of metro, during 1978. Billava Association president Varad Ullal was the founder chairman of the Bank that was founded with a share capital of Rs 6.32 lac. The Bank was steadily growing while it got a major breakthrough during 1991.
V R Kotian, Rohini J Salian
The Bank was steadily progressing till Jaya C Suvarna became the chairman. It was registered under Multi-State Co-Operative Bank Act during September 1997. Since then, the Bank has been reckoned one among the most reputed Multi-state Scheduled Co-operative Bank.
The working capital of the Bank was Rs 69.73 crore when Jaya C Suvarna took over as the chairman of the Bank during 1991-92. It has since risen to Rs 2,092.46 crore during 2007-08. It held the deposits to the tune of Rs 61.39 crore and advances of Rs 39.56 crore that rose to Rs 1,789.79 and Rs 1,268.39 crore respectively.
It may be noted, that leadership and farsighted plans of Jaya C Suvarna, expertise of the board of directors and efficiency of its employees, have all contributed for the remarkable success of Bank. The Bank had just five branches during 1991-92 that rose to 32 in 2009. It has 27 branches in Maharastra and five branches in Karnataka. The Bank owns two buildings and 15 branches in free hold buildings with a total area of 60,000 square feet.
Varad Ullal, Jaya C Suvarna
Vasudev R Kotian and lawyer Rohini J Salian are serving as the chairman and deputy chairman of the Bank now. Jaya C Suvarna, M B Kuckian, Y Ganesh, Pushpalata N Salian, L V Amin, Raja V Salian, Jyoti K Suvarna, M B Sanil, Shekar M Kotian, Mohan G Poojary, Chandrashekar S Poojary, Shankar D Poojary, Jagannat V Kotian, S K Kotian, N Nityanand, Bhaskar M Salian, Ratan Umesh Sanil and Rohit M Suvarna are serving as the directors of Bank with J C Suvarna as the chief executive officer.
Billava Association president and All India Billava Federation president and Bharat Bank former chairman Jaya C Suvarna will inaugurate its thirty second branch on Thursday March 12 at Udupi. The present chairman of the Bank Vasudev R Kotian will inaugurate the banking facility.
Highlights of Bharath Co-Operative Bank (Mumbai) Limited:
Bank’s total assets accounted for Rs 3,579.50 crore. It has been regular in announcing and paying dividends since it was founded, and always in excess of the stipulated minimum as per the Act. The Bank has a capital adequacy ratio of 15.78 percent that is above the RBI’s norms of 9 percent. The Bank was awarded insurance facilities as per the norms of DICGC at par with nationalized banks, Excellence Award from IES, New Delhi and Udyog Ratna to former chairman Jaya C Suvarna, Bris Indiglo Best Bank’s award for all round progress and maximum security of customers’ deposits and top bank among Co-Operative Banks in the metro. The Bank also bagged the first award from metro’s Co-Operative Banks Associations during 2007-08.
The Bank also bagged award from' Banking Frontier' for its human resources development and advertisements. Life Insurance Corporation of India awarded Excellence Award to the Bank in recognition of its major contributions in the forms of premium volumes, New India Insurance Company also awarded awards for generating large volume of general insurance premiums. The Bank was registered under SIDBI and extended loan facility to small entrepreneurs. The Bank has also set up clearing houses in Bangalore and metro and national clearing cell. It also extends Demat services to its customers. It provides additional facilities to borrowers, has started foreign exchange transactions and operates national clearing cell.