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Time of India
17-07-2025
- Business
- Time of India
Chairman of Kokan Mercantile Co-operative Bank felicitated formaking a turnaround
MUMBAI: The iconic institution Anjuman-I-Islam and Marathi Muslim Seva Sangh have jointly felicitated Asif Gulam Mohammed Dadan, Chairman, Kokan Mercantile Co-operative Bank, for making a turnaround in the multi-state urban co-operative bank. Kokan Mercantile Co-operative Bank has come out of the RBI's Supervisory Action Framework (SAF) after a gap of 10 years. Remarkably, the Bank's net Non-Performing Assets (NPA) dropped to 4.33% as of 31st March 2025, from10.22% in FY 2022–23. While the bank's total business crossed Rs 1,321 crore, registering a 6.89% year-on-year growth, its Capital to Risk (Weighted) Assets Ratio (CRAR) stood at 17.06%, nearly double the regulatory requirement of 9%. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai "We are extremely happy that we have not only exited SAF after 10 years, but have also registered a significant growth. We have wiped out all our past losses and gained significantly through profit. Now our target is to get the coveted status of a Scheduled Co-operative Bank," said Dadan at the felicitation function held at the bank's headquarters in Mazagon. The bank's growth trajectory can be understood and appreciated with its net profit of Rs 10.19 crore in FY 2024–25 and rising numbers of account holders and digital users. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Its deposits were Rs 813.01 crore, while advances reached Rs 508.60 crore as on 31st March 2025. Significantly, the Board of Directors has reappointed Akbar Y. Kondkari as Chief Executive Officer (CEO) for another three-year term with RBI's approval, and his tenure has been extended till 2028. Founded in 1969 by a group of visionary leaders and individuals with an aim to help middle and lower income groups to establish businesses and improve economically, the bank has played a crucial role in fulfilling its goals. Though its main clients comprise Kokani community members, the bank's doors are open to all communities. It operates through 25 branches across Greater Mumbai, Thane, Raigad, Ratnagiri and Goa. "We are focussed at microfinance and strive to expand the bank's digital footprint with RuPay Debit Cards, a mobile banking app and UPI linkage," said Dadan. "Our goal included offering seamless and secure banking services to our growing customer base." Congratulating Dadan and his team for achieving this significant milestone, Anjuman-I-Islam president Padmashree Dr Zahir Kazi said that the bank's significant achievements would go a long way in inducing confidence among its stakeholders, including customers and shareholders. Recalling his long association with the bank and its many past chairmen, Dr Kazi said that the bank should call a shareholder' meet and thank them for the continued support and for reposing faith in the bank's leadership. Anjuman-I-Isam's senior vice-president and chairman of Maulana Azad Minorities Financial Development Corporation Mustaq Antulay said that he would see how the Corporation could co-operate the bank in its growth journey. Marathi Muslim Seva Sangh's president Fakir Mohammed Thakur too congratulated the bank's chairman for his able leadership which has brought the bank out from SAF and reduced its NPA substantially. He promised continued support to the bank.
India Today
09-07-2025
- Business
- India Today
Ex-CEO of New India Cooperative Bank gets pre-arrest bail in loan waiver case
The Mumbai Sessions Court has granted anticipatory bail to Abhimanyu Surinder Kumar Bhoan, former CEO of New India Co-operative Bank, in connection with an FIR alleging wrongful waiver of loans amounting to Rs 18.56 secured the relief despite currently being in judicial custody in a separate case being probed by the Economic Offences Wing (EOW), which involves the alleged embezzlement of Rs 122 crore from the bank's cash granting bail, Additional Sessions Judge N G Shukla observed that the Investigating Officer could have interrogated Bhoan while he was in custody in the EOW case. 'It seems that, investigating officer does not really require custodial interrogation of applicant,' the judge noted. According to the prosecution, the Percept Group of Companies had availed four types of loans from the bank between 2019 and 2022. The loan accounts turned non-performing assets (NPAs), with an outstanding amount of Rs 79.90 crore. It is alleged that Bhoan and other co-accused accepted a One-Time Settlement (OTS) offer of Rs 61.34 crore from the group, thereby causing a wrongful loss of Rs 18.56 crore to the FIR further alleges that Bhoan and co-accused Hiren Bhanu and Suket Kumar Patel received Rs 6.37 crore in their bank accounts from the Percept Group, thereby gaining lawyers, Wesley Moneza, Ruben Mascerahnas, and Waqar Pathan, argued that the Reserve Bank of India (RBI) had issued a circular on January 6, 2020, revising the Supervisory Action Framework (SAF) for all Urban Co-operative Banks. As per the circular, an RBI officer was appointed in every such bank and attended all board meetings. Therefore, they contended that the Board could not have accepted the OTS without the RBI officer's also referred to RBI guidelines dated June 8, 2023, regarding OTS procedures, stating that the settlement was in accordance with these guidelines and that the decision was made by the Board of Directors, where Bhoan was present only in his capacity as prosecution opposed the plea. However, after hearing both sides, the judge noted that Bhoan was not the decision-making authority and that the approval for the settlement was granted by the Board of court also found that the prosecution's claim of alleged kickbacks lacked specific details regarding the amount and timing of money transfers to Bhoan's this year, in February, panic gripped account holders across branches in Mumbai, Thane, and other parts of Maharashtra after the RBI imposed transaction restrictions on the bank in light of these allegations.- EndsTune InMust Watch
