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I welcome you all to the
11th Annual General Meeting of your Bank. This meeting
marks the completion of ten years of glorious
operation of your erstwhile tiny –tot. This is an
appropriate occasion to pause and ponder.
An organism and an organization are similar on several
counts. For both, the initial years are decidedly
decisive towards ensuring their growth and stability.
The infant is fragile and is at the mercy of the
environment. The competence and the commitment of the
guardian counts heavily.
The progress made by your Bank during the year gone by
is impressive indeed. Deposits have increased by 28%
to Rs.36.44 crores. While Advances have clocked
a growth rate of 27% to reach Rs.26.13 crores.
Now, let us look at the crucial ratios that capture
the quality of the credit portfolio .Gross NPAs stand
at less than just one percent (this year 0.98%) for
the last two years. And well, the net NPAs almost 0 %
(this year 0.18%)
In the 10th year, your tiny-tot is donning his
responsible role as a Corporate Citizen, by paying
Income-tax for the first time. Profit before tax have
reached Rs. 85 Lakhs (as against Rs.65 Lakhs last
year)
Having played my role as the responsible guardian of
the tiny-tot, my heart fills with joy and pride in
presenting this progress report card to you all.
More impressive is the fact that there is consistency
and stability in the pattern of growth over the decade.
It is highly satisfying to observe that the tiny tot
has come of age and now stands on firmer grounds.
First, with the decade gone
by. The experience and confidence gained in
• The opening of the new
branches
• Establishing customers
relationships
• Dealing with the
authorities and
• Developing and
motivating staff
Over the decade have been our guiding lights. Each and
every day has been a learning experience. Obstacles,
challenges and criticisms were aplenty. Looking back,
however, I feel these have contributed to our growth
and success as much encouraging words of our
well-wishers. Success or failure, praise or criticism,
friends or foes - I have taught myself to take them
all in my stride.
The decade also saw the Bank acquiring and occupying
its own premises for its administrative office in the
commercially active, prime location at
Kandivili East. This steady progress has earned for
the Bank its well deserved accolades in the form of
many awards and recognitions over this entire period.
To commemorate this
significant turn-in-time, we are holding Decennial Anniversary Celebrations on Saturday, the
11th of August, 2007 at Yashwant Natya Mandir,
Matunga. You are invited to grace the occasion
towards making it a grand success. Befitting this
occasion, it has been decided to
• pay 11% dividend for
2006-07 (i.e. an additional 1% over that
paid year)
• launch Decennial
Anniversary Cash Certificate (DACC) earning 10% p.a.
and
• grant the staff members
– our frontline soldiers – an incentive packet of one
month’s salary.
This is our humble way of expressing thanks for the
contribution by these three stake- holders, namely,
Shareholders, Depositors and Employees. Thanks a million
for your whole hearted support all these years.
There is one more great
pillar of support on which I always lean for obtaining
• the crucial "other point of view"
• solace in setbacks and
• encouragement and
motivation in the face of hardships.
I am referring to my colleagues on the Board and
express my gratitude for the collective wisdom and
strength being unfailingly extended to me by them all
these years.
Friends, as the winds of consolidation are gathering
momentum over the UCB sector, mergers and
acquisitions are becoming the order of the day.
With a view to facilitate timely action in favourable
situations, and as per RBI guidelines we are required
to be in readiness to take benefit of such
opportunities.
I, therefore, seek your approval for the resolution
proposed under Agenda item No. 5.
From our side, there will be no resting on laurels. An
alert management needs to constantly improve the
quality of its customer service. ‘Today’ has to be an
improvement over ‘Yesterday’. And so will ‘Tomorrow’
be on ‘Today’. Towards this end, Friends, I am
happy to inform you that
• A tie-up arrangements
for sale of Life and General
Insurance
products is put in place with Bajaj Allianz
• Power bill payment
facility is introduced at Dombivli branch and
• Any Branch Banking (ABB)
is made operational shortly.
With the introduction of above three facilities, we
continue our tradition of being a customer service
oriented Bank. I am confident, you will all make use
of these facilities for gaining added value from the
services of the Bank.
Friends, I need to mention here with all humility, the rare honour
of being appointed a "Trustee of the Shree
Saunsthan Goudapadacharya Math, Kavle, Ponda, Goa.
While acknowledging with deep gratitude this
benevolent gesture of HH Shreemat
Shivananda Saraswati Swamiji, Mathadhipathi and Chief
Trustee of the Saunsthan. I re-dedicate myself to
the noble cause of upliftment of the community and the
society for which the revered Swamiji and the
Saunsthan stand for.
As for coming years my
commitment will be to
• maintain and upgrade
technology usage
• provide customer
delight in each and every transaction
• open more branches and
multiply business manifold for gaining benefits of
size and scale and
• continue to serve the
Community and the Society at large
I seek your whole-hearted Co-operation towards
realizing my vision of the coming years.
With Greetings,
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