Madgaum coop bank gets new chairman

MARGAO, SEPT 21
A day after Ramakant Angle quit office, Kishore Narvekar was on Tuesday elected Chairman of the Madgaum Urban Cooperative Bank.
In the elections held on Tuesday, Kishore was elected unopposed after the Presiding officer Suresh Phadte received his lone nomination paper for the post left vacant with the resignation of Ramakhant Angle.
Kishore’s nomination was proposed by Ramakhant Angle and seconded by Amresh Naik.
Angle, who has presided over the affairs of the bank for nearly 20 years as chairman, told newsmen that he has quit officer on person grounds because of his business commitments.
Incidentally, this is the first time in the 38-year history of  the Bank that a Director hailing from North Goa has been elected as the Chairman.
Angle told newsmen after the elections that the Madgaum Urban Cooperative Bank is on a sound footing. “From just Rs 14,000, the deposits of the bank has now touched Rs 230 crore. The profit of the bank had touched Rs 2.84 crore in May 2010 and the bank has now projected a profit of Rs eight crore by the end of the current financial year”, Angle said.
The ex-Chairman said the bank will commence on-line banking from January 2011, adding that work has already got underway at an estimated cost of Rs three crore.
He further said that four new branches are in the pipeline and would be opened up in the near future.