In a groundbreaking decision, the Maharashtra State Cooperative Bank has introduced a lifetime pension scheme for its employees, marking a first in the cooperative banking sector. This announcement follows the bank’s impressive financial performance this year, where it reported a net profit of ₹615 crore.
Annual General Meeting Highlights
The announcement took place during the bank’s 113th annual general meeting held at its Mumbai headquarters on September 19. Vidhyadhar Anaskar, the bank’s administrator, shared details about the pension scheme in front of notable attendees, including former Member of Parliament Anandrao Adsul, Managing Director Dilip Dighe, and General Manager Anand Bhuibhar.
Details of the Pension Scheme
The newly launched pension scheme is named after Dharmaraj Munde, a retired organizer of the bank’s employee union. This initiative will benefit 507 current employees, who will be entitled to receive a monthly pension of ₹10,000 after their retirement.
One encouraging aspect of this scheme is that the bank has already secured all necessary funding, demonstrating its financial stability and dedication to employee welfare.
Employee Appreciation and Honors
The leadership of Maharashtra State Cooperative Bank has received widespread praise from employees for this landmark scheme. In addition to the pension announcement, the bank recognized two entrepreneurs, Ashmira Swara and Anuradha Godse, for their significant contributions to the business community.
Strong Financial Performance
The bank continues its successful trend, achieving a net profit of ₹615 crore this financial year, which is an increase from last year’s profit of ₹609 crore. Importantly, this profit does not include any arrears from the government, showcasing the bank’s robust operational performance.
Given this positive financial outcome, the bank has declared a 10% dividend for its members, a recommendation from the administration that received approval during the general meeting.
Financial Stability and Transparency
As of the end of March, the bank’s total reserves and capital reached ₹6,530 crore, with a strong capital adequacy ratio of 81.50%. Additionally, the bank’s total deposits grew by ₹4,969 crore, bringing the total to ₹23,583 crore as of March 31.
The Maharashtra State Cooperative Bank has also maintained its reputation for financial transparency and reliability, receiving an ‘A’ audit rating for the past 12 consecutive years. Over the last decade, the bank has consistently provided a 10% dividend to its members, a tradition it proudly continues this year.
Conclusion
The introduction of the lifetime pension scheme is a significant step towards enhancing the welfare of employees at the Maharashtra State Cooperative Bank. With its solid financial foundation and commitment to employee benefits, the bank is not only ensuring a secure future for its workforce but also setting a positive example in the cooperative banking sector.
