Hyderabad, October 2019 : Mahesh Bank – a torch bearer in initiating customer centric innovative banking reforms and digitization in the cooperative banking sector – has launched its plush Corporate office at the posh Banjara Hills. Chief Guest Om Birla, Speaker of Lok Sabha; inaugurated the facility on Wednesday. Guests of Honour, Bandaru Dattatreya, Governor of Himachal Pradesh; G. Kishan Reddy, Minister of State for Home Affairs, Govt. of India; Mohd. Mahmood Ali, Minister for Home, Prisons & Fire Services, Govt. of Telangana; S. Niranjan Reddy, Minister for Agriculture & Co-operation, Govt. of Telangana and Subrata Das, Regional Director – AP & Telangana, RBI, Hyderabad; graced the momentous occasion. Also present were Purshotamdas Mandhana, Chairman, Mahesh Bank; Ramesh Kumar Bung, Chairman Emeritus; Rampal Attal, Vice-Chairman; Umesh Chand Asawa, Managing Director & CEO, Mahesh Bank, amongst others.
Om Birla, speaking on the occasion Congratulated the visionary founders of the Mahesh Bank for this bank’s success story, which enabled the bank from a humble beginning in a small way in 1978 to become a mammoth establishment, as a multi state cooperative bank with operations in 4 states. It helped the poorest of the people in the society by giving loan and enabled them prosper. It also has the distinction of zero NPAs. The Bank gave dividend every year since its inception. The Cooperative movement works in strengthening the country’s economy. Cooperative movement has been flourishing in this country since time immemorial even before independence, right from the era of kings.
Subrata Das said, it’s a memorable day for the cooperative banking sector and Mahesh Bank’s track record should enable it to reach dizzy heights in the years to come. Urban Cooperative Banks play a critical role in meeting the needs of the common man. There are in all 97 Urban Cooperative Banks in AP and Telangana, of which 51 are in Telangana alone. Mahesh Bank plays a stellar in this sector amongst all the Urban Cooperative Banks, It alone does 30% of the total business done by these banks in Telangana state and several Urban cooperative banks here are dependent on Mahesh cooperative bank. Urban cooperative banks are going through the phase of consolidation.
Bandaru Dattatreya, said, Mahesh bank is a role model in the banking sector, this was possible because of the exemplary initiatives they have taken. India is implementing economic reforms essential to survive in today’s world and the significant part of these reforms is the inclusive growth it is laying emphasis on. All this will change the face of India in the years to come. Today we are already the fastest growing economy in the world. I wish Mahesh Bank to achieve many more milestones in its journey ahead.
G. Kishan Reddy, said, the commended the stellar role of Mahesh cooperative Bank in the state’s growth. All initiatives of Mahesh Bank were customer centric and therefore won their hearts and minds and progressed well to be the best cooperative bank. The Government of India is taking several innovative economic initiatives in the last two months to overcome the economic slowdown the world is facing. These have enabled our economy to do well despite every other economy being impacted by the slowdown. All these initiatives enabled to mitigate the hardship common man would have faced. Several global investors are seeing the potential in India and are contemplating investing in India instead of China or other countries. The recent reduction of Corporate tax by unprecedented 10% only made investing more attractive.
Mohd. Mahmood Ali, while appreciating the role of Mahesh Bank in the economic growth of Telangana said, Cooperative Banks transformed the state into an economic powerhouse. Mahesh Bank in fact has the reputation of disbursing loans faster than even the Nationalised Banks. Telangana state has made significant progress since its formation and is today counted amongst the most progressive states in the country.
Mahesh Bank – the over four decade old Hyderabad based leading Cooperative Bank in the Country, has notched up a turnover of Rs 4000 crs., in the previous financial year and is all set to cross Rs 4300 crs, mark in the current financial year. The Bank always competed with the leading nationalized and private banks in providing amenities and customer care on par with the best in the business. In the Cooperative Banking Sector it created revolution by being several rungs ahead of others in initiating customer centric banking reforms, digitization and innumerable proactive endeavors, which are industry benchmarks in the sector, today. This enabled Mahesh bank to retain loyalty of its customers and win new business over the years.