We have revised Policy on Allotment of Shares. Click here to view the notice. Unclaimed Deposits Under DEAF Account. Click here to view list. Members who have not received the dividend for financial year 2013-14, 2014-15 and / or 2015-16 may contact us at "[email protected]" or call 040-46664777.

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Revised Share Allotment Policy - 2018

Shareholders and depositors of the Bank have requested for allotment of additional shares many a time in the past and upon consideration of their request, Share allotment policy has been approved in the General Body meeting in its meeting dated 31.08.2018 and the same has been adopted by the Board of Directors of the bank, in their meeting dated 31.08.2018. Further Board of Directors have approved some further changes to the Share allotment policy in the Board meeting dated. 30.10.2018. The details of the revised share allotment policy are as under:

A)     Allotment of Fresh Shares

  • Fresh Shares will be allotted to female members only.
  • Female members can apply for a minimum of 200 and maximum of 1000 shares.
  • For applying shares, a female member should have a Savings or Current account with the bank with ATM card facility. If a person is not having SB/CD account, she should open a new account with ATM card facility in order to be eligible for shares of the Bank.

B)    Allotment of Additional Shares

  • Allotment of additional shares can be made both to Male & Female members.
  • Shareholders can apply upto 100% of their shareholding. Shareholders who have applied for 50% of their shareholding as per the initial Share Allotment Policy – 2018, can now apply for the remaining 50% of their original shareholding.
  • However the maximum shareholding of any member at any point of time should not exceed 10000 shares (including shares held as Karta of HUF).
  • Existing shareholders who want to apply for additional shares should ensure having a Savings Bank account with ATM Card facility.

C)    Allotment of Shares for customers offering fresh Fixed Deposits (One year or more)

  • Male or female persons offering fresh fixed deposits will be eligible for shares as per the details given below.
  • FD above 1.00 lac but upto 2.50 lac        : 400 shares

  • FD above 2.50 lac but upto 5.00 lac        : 1000 shares

  • FD above 5.00 lac but upto 10.00 lac     : 2000 shares

  • FD above 10.00 lac but upto 20.00 lac    : 4000 shares

  • FD above 20.00 lac                   : 200 shares per 1.00 lac deposit
    (maximum cap of 10000 shares per member.)

  • Additional shares issued on the basis of new FD, will be over & above the allotment of shares under other paragraphs (a), (b) and (d).  However, the customer should have a Savings Account with ATM card facility.

D)    Allotment of Loan linked Shares to borrowers

  • Borrowers will be allotted loan linked shares with minimum of 12 shares and maximum of 5000 shares.
  • Shares can be allotted to a maximum of 2.5% of the loan amount, subject to above condition of minimum 12 shares and maximum 5000 shares.

E)    Maximum number of shares per member

  • Maximum number shares to be allotted to any member on any of the above methods including the existing shareholding is limited to 10000 shares (including shares held as Karta of HUF)

Other guidelines:

  • The revised share allotment policy-2018 is effective w.e.f 01-11-2018
  • There is no need to obtain photos from existing members. However it should be ensured that the member has an active SB or current account for direct credit of dividend in the account. The account should be KYC complied account.
  • Allotment of fresh shares in the name of male members is discretionary and will be decided by bank on case to case basis as bank has to maintain ratio of 3:1 for female and Male Shareholders. Bank has to account for and keep provision for issuing of shares to borrower account holders also.
  • If any Male member of family is providing fresh deposit, he can submit application in the name of any female member of the family, provided the female member has an active SB or CA for direct credit of dividend in her account.
  • Staff and their family members are not eligible for allotment of shares.
  • In case of joint holders in SB or Current Account, the first named person in the Title of Account will be treated as account holder for the purpose of allotment of shares.
  • Bank reserves the right to foreclose the scheme even before the date, if the Paid up Capital of the Bank reaches a higher level at any point of time.
  • CEO with the approval of Chairman has been empowered to accept applications for more number of shares than the prescribed limit from valuable customers/members and authorized to deviate from other terms of allotment of shares or amend / modify the terms of allotment of shares.
  • The Share Allotment scheme will remain upto 31.12.2018.
  • However, Board has the authority to extend the time limit for share application from time to time and on other matters.



Elections:

Elections were conducted for the Managing Committee of the Bank by the Deputy Registrar of Cooperative Societies, Hyderabad and Election Officer on 09-12-2016 and the list of new Board of Directors is given hereunder.

BOARD OF DIRECTORS

1) Sri.  Shantilal  Daga,    F.C.A - Chairman
2) Smt. Nirmala   Daga - Sr. Vice Chairperson
3) Smt. Rajkumari  Chordia - Vice  Chairperson
4) Smt.Chayya  Golecha - Director
5) Smt. Dr.Asha  Khivsara - Director
6) Smt. Chhaya  Lohade - Director
7) Smt. Vidya  Jain - Director
8) Smt. Nirmala  Bermecha - Director
9) Smt. Pushpa  Sancheti - Director
10) Smt. Sangeeta  Jain - Director
11) Sri.  Shantilal  Khimji  Shah - Director
12) Sri.  P. P. Singhvi,   F.C.A. - Director
13) Sri.  Tushar  Savla,  F.C.A - Director
14) Sri.  Jugraj  Jain - Director
15) Sri.  Mahender Kumar Jain Golecha. FCA - Prof. Director (Co-opted)
16) Sri.  Madan  Chand Jain Lunawat - Prof. Director (Co-opted)



Interest on Deposits

On the basis of suggestions received from many of our valued customers, the following changes have been introduced with effect from 29.02.2016 in the method of payment of interest on Fixed Deposits.

  1. Monthly Interest shall be paid on last day of each month.
  2. Quarterly Interest shall be paid on 31st March, 30th June, 30th September & 31st December.
  3. Half yearly Interest shall be paid on 30thSeptember &31st March.



IMPORTANT PUBLIC NOTICE

RBI has issued fresh guidelines on KYC vide circular no. UBD.BPD (PCB ). Cir no. 23/14.01.062/2014-15 dated 22.10.14 as under :

  1. Banks have to give a notice of three months to the customers of accounts which are not KYC-compliant to submit documents required to make these a/cs KYC-compliant.
  2. A further period of three months should be given to the customers to complete the process
  3. After the six months period is over, the remaining accounts may be rozen”partially’, i.e, credits may be allowed, but debits shall not be permitted.
  4. If the accounts remain non-compliant six months after “partial” freeze is imposed, neither credits , nor debits shall be permited and the accounts shall be made “in-operative.

Therefore, all customers of the Bank are requested to contact their branch to find out the status of their accounts.

The following documents are required for making an account KYC-compliant :

Documents required as Id and/or  address proof

Documents

Accounts of individuals
• Legal name and any other names used (ID-proof)

 

 

 

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  • Correct permanent address ( Address-proof )

(i) Passport (ii) PAN card (iii) Voter’s Identity Card (iv) Driving licence(v) Identity card (subject to the bank’s satisfaction) (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank (vii) Job cards issued by NREGA duly signed by an officer of the State Government (viii) The Letter issued by the Unique Identification Authority of India containing details of name, address and Aadhar number or any other document as notified by the Central Government in consultation with the Reserve Bank of India or any other document as may be required by the banking companies or financial institution or intermediary
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(i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority(iv) Electricity bill (v) Ration card(vi) Letter from employer (subject to satisfaction of the bank)

(any one document which provides details of both Id and address  to the satisfaction of the bank will suffice )

Accounts of companies
• Name of the company
• Principal place of business

•    Mailing address of the company
• Telephone/Fax Number

(i) Certificate of incorporation and Memorandum & Articles of Association (ii) Resolution of the Board of Directors to open an account and identification of those who have authority to operate the account (iii) Power of Attorney granted to its managers, officers or employees to transact business on its behalf (iv) Copy of PAN allotment letter (v) Copy of the telephone bill

Accounts of partnership firms
• Legal name
• Address

(i) Registration certificate, if registered(ii) Partnership deed (iii) Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf (iv) Any officially valid document

Accounts of propritorship firms
• Legal name
• Address

Any one of the undernoted documents to be obtained. as Identity and address proof of the proprietor

 (i) Passport, PAN card, Voter ID card, Driving licence, Ration Card with photo, etc.

Any two of the undernoted documents to be obtained. as Identity and address proof of the proprietary concern

 (ii) Registration certificate (in the case of a registered concern), certificate/ licence issued by the Municipal authorities under Shop & Establishment Act, CST/VAT certificate/ return, complete Income Tax return ( not just the acknowledgment  ) of the sole proprietor where the firm’s income is reflected, duly authenticated / acknowledged by the Income tax authorities, utility bills such as electricity, water and landline telephone bills in the name of the proprietary concern, Licence issued by the Registering authority like Certificate of Practice issued by Institute of Chartered Accountants of India, Institute of Cost Accountants of India, Institute of Company Secretaries of India, Indian Medical Council, Food and Drug Control Authorities, etc.