For the third year in a row consecutively, overcoming the two corona waves and its continuing after effect that had hit the national economy, leading Bombay Mercantile Co-operative Bank cruised with profit in the financial year 2021-2022 again
This was announced by the Bank chairman Zeeshan Mehdi while addressing the 85th Annual General Body assembly held in Mumbai.
Mr Mehdi unveiled future of the bank and said it will soon foray into the Insurance Sector and Mutual Funds sector, permission of which have been received by the RBI as a part of our major diversification plan “to broad base our base and augment resources”.
“Our plans are ready and our commitment to add more value-based services fully in place”
The Chairman told the gathering of the shareholders the bank had earned a profit of Rs 2.36 crores in the present financial year while its recovery of non-Performing
Assets (NPA) have more than doubled. He said the recovery which stood at 6.10 crores last year now has reached Rs 13.54 crores in this fiscal year. “We will relentlessly bring down our NPA further”
While stressing that the bank fundamentals are very strong, Mr Mehdi said the bank is in the process of centralizing its operations. “That will lead to operational efficiencies and saving of time. “We are committed to our motto of excellence in all spheres while focusing of increasing business and profitability year after year” he added
Mr Mehdi said bank mobile app has been launched this year whose services are being utilized by a large section of bank customer. New features like RTGS and NEFT digital transaction have been added.
Besides these, the Bank has also implemented UPI and BBPS enabling digital transaction online on Paytm, Google Pay and other platforms.
Expressing his pleasure Mr. Mehdi said it was indeed an honour for him to address the 85th Annual general Body meet this year which coincides with the nation celebrating 75th year of Independence as “Azaadi ka Amrit Mahotsav.”
“It is a matter of pride for all of us that BMC Bank is among the few institutions in the country that covered this momentous journey of 75 years marching along with the nation while playing its role in the Banking sector” the Chairman said
Mr Mehdi said “This was only possible because of the farsighted vision or our founding fathers Late Mohammadali Allah Bux and Late Zain G Rangoonwala with which they laid the foundation of the bank in 1939 and paid his tributes to the memory these two eminent personalities.
Proposing vote of thanks prominent Chartered Accountant and Bank Director Fahim Ansari expressed his gratitude to shareholders for their continuous support and guidance. “Our focus to conquer new horizon and new goals remains firm and we shall surely achieve the target under the leadership of our Chairman” he told the shareholders.
By S A H RIZVI
Bureau Chief
New Delhi
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