Business Bureau :
The Abhyudaya Co-operative Bank Ltd., a leading co-operative bank, has conducted its 58th annual general meeting (AGM) on Thursday at Abhyudaya Bank Hall, Sector 17, Vashi, Navi Mumbai. AGM was held keeping in view the norms and restrictions imposed by the authorities to control spread of COVID-19. Managing Director of the bank Premnath S Salian shared the financials of the bank with the shareholders during the meeting. The shareholders of the bank expressed their views about the bank and how the financial institution assisted them in their growth story. At the meeting, bank’s Chairman Emeritus Sitaram C Ghandat assured the shareholders that the bank is taking all necessary steps to ensure growth and profitability of the bank.
Chairman of the Abhyudaya Co-operative Bank Ltd Sandeep S Ghandat thanked all the shareholders for reposing their trust and confidence in the bank during the challenging times of COVID-19. He informed that the bank will closely monitor the market scenario and may further reduce the rate of interest on loans to boost the retail loan business. A dedicated group of social workers and labour movement activists, imbued with the spirit of service to the cause of mill workers, other industrial and hitherto neglected economically weaker sections of society started Abhyudaya Co-op Credit Society Ltd. in 1964, with a small share capital of Rs 5,000. The area of Kalachowki, Sewri, Parel and their surroundings were predominantly populated by low income industrial labour and lower middle class people at that time. In a short period of time, the society got converted into an Urban Co-op Bank. Finally in June 1965, Abhyudaya Co-op Bank Ltd was established with the motto of “Prosperity through co-operation”.