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Mumbai, June 06: The 39th annual general body meeting (AGM) of Bharath Co-operative Bank (Mumbai) Limited was held at Brijavasi Palace banquet hall, Sonavane Road, Goregaon (East), here on June 6 at 4.00pm. Metro’s Billava Association leader and bank’s chairman Jaya Suvarna brought to motion the meeting by lighting the lamp.

The Bank deputy chairperson advocates Rohini J Salian and board of directors present. Bank managing director and chief executive officer C R Mulky presented the annual accounts and announce the profit.

Jaya Suvarna said that Bharath Bank has well-integrated itself into the society, although it was promoted by Billava community of undivided Dakshina Kannada in the metro. Bank lays special emphasis on customers’ satisfaction. It’s the responsibility of all those beneficiaries who availed bank services and reaped profits, to extend a portion for the betterment of society, he suggested. He also briefly narrated the future developmental strategy of the bank.

Many past and present directors of the bank too part the AGM. The Bank general managers Shobha Dayanand and Nityanand D Kotian and top bank officials provide info on bank’s performance.Chief General Manager Anil Kumar R Amin proposed the vote of thanks.

CHAIRMAN’s SPEACH
Respected Members, Ladies & Gentlemen,
I, on behalf of the Board of Directors, Management and Employees of the bank extend a warm welcome to the 39th Annual General Meeting of your Bank. I thank you for your continued support and co-operation given throughout the year.

The Annual Report, including the audited accounts of the Bank for the year ended 31st March, 2015 has already been circulated. With your consent, I shall take it as read.

Respected Members, the year 2014-15 has been difficult year, not only for your Bank, but also for the banking industry, as well as domestic and global market.
But your Bank continued to offer competitive rate of interest on deposits during the year.

I wish to present the key highlights of Bharat Bank’s performance for the financial year 2014-15:
Total business of the Bank increased from Rs.11,032.74 crore last year to Rs.13,010.97 crore reflecting a growth of 17.93%.
Deposits grew from Rs.6,483.68 crore last year to Rs.7,757.91 crore with a rise of 19.65% while advances increased from Rs.4,549.06 crore to Rs.5,253.06 crore, an increase of 15.48%
Net Profits increased from Rs.105.50 crore to Rs.112.66 crore with a growth of 6.79%.
Your Bank continued to exploit rich business  opportunities. During the year out of 15 Branch licenses received from RBI, Your Bank has opened 12 Branches.
In the current financial year your Bank has opened its Andheri (East) Branch in Mahakali Caves Road on 30th May, 2015 and proposes to open remaining 2 Branches in the State of Maharashtra at Bandra (West) and Malad (East)- Koknipada before July 2015. Besides your Bank also proposes to open additional 17 branches in the state of Maharashtra, Karnataka and Gujarat for which RBI had issued licenses. 

While opening branches the Bank is focusing on financial inclusion policy of Reserve Bank of India.    The Bank is making efforts to reach out to the under banked
and unbanked areas.
The Bank has also received approval from RBI to open 14 branches in following locations :
IN MAHARASHTRA:1) Powai, 2)Masjid Bunder, 3) Matunga, 4) I C Colony – Borivli (West), 5) Kandivli (East), 6) Khar, 7) Shreenagar - Mulund, 8) Palghar, 9) Shirdi, 10) Diva.

IN KARNATAKA: 1) Belgaum 2) Hubli.

IN GUJARAT : 1) Ahmedabad, 2)Ankleshwar.

I am glad to inform you that all the newly opened branches, have mobilized good number of accounts and

substantial amount of deposits on the inauguration day itself. This commendable performance could not have been achieved without the wholehearted support from shareholders, customers and well-wishers of the Bank as well as  high level of co-ordination and co-operation from employees of the Bank at all the levels.
With such performance of your Bank, I am pleased to inform you that the Board of Directors has proposed dividend of 15% p.a. on shares for the year 2014-15. This is the maximum limit as per the prevailing byelaws of the Bank.

It also gives me immense pleasure to announce that during the year your Bank was awarded with following awards :
   First prize was awarded by The Brihanmumbai Nagari Sahakari Banks Association Ltd., Mumbai for overall best performances and annual report for financial year 2012-13, in the category of Banks having deposits of Rs 1500 crore and above. First prize was awarded by The Maharashtra Urban Co-operative Bank’s Federation Ltd., for the overall performances of the Bank during the financial year 2013-14, in the category of Banks having deposits of Rs 1000 crore and above.

The Yuvavahini (R) Central Council, Mangaluru awarded “SADHANA SHREE - 2014” for rendering good services to the society

First prize “BANCO PURASKAR 2014” was awarded by Avies Publication for the best performaces for the financial year 2013-14, this is in the category of Banks having deposits of Rs 5001 crore and above.

We do deliver various banking products to meet the needs of our customers, but we cannot rest on our glory and we strongly believe that we cannot continue to succeed by doing things the same way. Times are changing in this industry and we are in the middle of a digital transformation that is fundamentally changing the way people interact with financial institutions. Bharat Bank is meeting this challenge and with this we have
launched unique and attractive products titled “Bharat Champs” and “Flexi Fixed Deposits”.
With these products the Bank expects to provide the customers the better choice and your Bank has also successfully migrated its present software Omnie to Finacle from Infosys   for providing better services to the customers.

It also gives me immense pleasure to announce that your Board of Directors have recommended to create a Members Welfare fund of Rs 10 Lakh which would be beneficial to all shareholders.

With this your Bank is geared to fulfill the increasing expectations of customers, shareholders,   well-wishers and general public.

The Board of Directors had proposed amendments to Bye-law No.23 (a) concerning Capital and Funds to facilitate increase of Capital Funds of the Bank, which was unanimously approved at the Annual General Meeting held on 7th June, 2014. Thereafter the Office of the Joint Secretary to the Government of India and Central Registrar of Co-operative Societies, New Delhi vide their order dated 17th September, 2014 had approved the same. The Board of Directors of the Bank has proposed amendments to some bye- laws of the Bank to meet growing requirement in tune with growth of the Bank and also to be in conformity with provisions

of Multi State Co-operative Societies Act, 2002 and the Rules framed there under.

The proposed amendments are reproduced on page 55 & 56 of the annual report for your approval.

I gratefully acknowledge and thank the authorities of the Reserve Bank of India, the Central Registrar - New Delhi, the Commissioner for Co-operation and the Registrar of Co-operative Societies, Maharashtra State and Karnataka State for their continued guidance and co-operation from time to time.

I sincerely thank The Billawar Association, Mumbai, the parent body and its office bearers and members for their continued support to the growth and development
of the Bank.

The employees at all levels deserve the credit for the progress made by the Bank. It is because of their dedication, hard work, positive and constructive approach; the Bank could reach the new pinnacle of its performances. I am sure their sincerity, team-spirit and commitment will continue to take the Bank to greater heights of prosperity and success.

My sincere thanks to the various institutions, authorities and individuals who have extended their support and helped the Bank in its growth.

I also wish to place on record that the Bank would not
have reached this level of progress, without the dedicated and devoted teamwork of the Board of Directors.  It is the team spirit and unity amongst the members of the Board that has led to the growth and development of the Bank.  Last but not the least, we commit ourselves to adapt to the ever-changing scenario in banking sector so as to offer better and efficient banking services to all of you.
Once again, thank you all,  
JAI HIND …… JAI MAHARASHTRA .

CONCLUSION BY THE CHAIRMAN
I thank all the Members present for the active participation in today’s Meeting.  I feel we, as members on the Board are greatly benefited by your constructive opinions and valuable suggestions.

It is the teamwork and support of every member that builds confidence in our ability to continue our efforts to ensure profitable & desirable growth of your Bank.

On behalf of the Board I assure you all that the suggestions made by you today will be discussed at the Board Meetings and appropriate action would be taken wherever necessary and permissible.

I request the honourable members to continue to  strengthen our hands in our object to ensure all round progress and development of the Bank like mobilization of Deposits, recovering overdues in
loan accounts, so as to bring down the Gross NPAs.   Your utmost co-operation and commitment is solicited.

As Honorary President of The Billawar Association, Mumbai, parent body I thank the President, Managing Committee of Central, all local offices and all the members of the Association for their continued support which is helping the Bank in its growth.

On behalf of Members of the Board, I thank you all once again for being with us.  We are confident, with your continued support; we will work for better performance in the years to come.

Thank you all once again.

Now I advise Shri Anilkumar R. Amin, Chief General Manager to give vote of thanks.