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<\/p>\nFor 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<\/p>\n
This was announced by the Bank chairman Zeeshan Mehdi while addressing the 85th Annual General Body assembly held in Mumbai.<\/p>\n
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 \u201cto broad base our base and augment resources\u201d.<\/p>\n
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\u201cOur plans are ready and our commitment to add more value-based services fully in place\u201d<\/p>\n
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
\nAssets (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.\u00a0 \u201cWe will relentlessly bring down our NPA further\u201d<\/p>\n
While stressing that the bank fundamentals are very strong, Mr Mehdi said the bank is in the process of centralizing its operations. \u201cThat will lead to operational efficiencies and saving of time. \u201cWe are committed to our motto of excellence in all spheres while focusing of increasing business and profitability year after year\u201d he added<\/p>\n
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.<\/p>\n
Besides these, the Bank has also implemented UPI and BBPS enabling digital transaction online on Paytm, Google Pay and other platforms.<\/p>\n
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 \u201cAzaadi ka Amrit Mahotsav.\u201d<\/p>\n
\u201cIt 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\u201d the Chairman said<\/p>\n
Mr Mehdi said \u201cThis 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.<\/p>\n
Proposing vote of thanks prominent Chartered Accountant and Bank Director Fahim Ansari expressed his gratitude to shareholders for their continuous support and guidance. \u201cOur focus to conquer new horizon and new goals remains firm and we shall surely achieve the target under the leadership of our Chairman\u201d he told the shareholders.<\/p>\n
By S A H RIZVI<\/strong> 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 […]<\/p>\n","protected":false},"author":7,"featured_media":104120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-104114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-india"],"yoast_head":"\n
\nBureau Chief<\/strong>
\nNew Delhi<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"