Nashik: NAMCO Bank Expansion Gains Momentum As Jalna Merchants Bank Merger Gets Majority Approval

Nashik: A key resolution to merge Motiram Agrawal Jalna Merchants Co-operative Bank Ltd., Jalna, with Nashik Merchants Co-operative Bank Ltd. (NAMCO Bank) was approved by a majority at the bank’s 68th Annual General Meeting. Barring a minor dispute during the discussion on the merger proposal, the AGM was conducted in a cordial and enthusiastic atmosphere under the chairmanship of Hemant Dhatre. A 15% dividend was also announced for members.

At the beginning of the meeting, Chairman Hemant Dhatre presented the bank’s financial performance for the year, details of its lending activities and information about various initiatives undertaken by NAMCO Bank. The proposal to merge the Jalna-based Motiram Agrawal Jalna Merchants Co-operative Bank with NAMCO Bank was then placed before the members and approved by a majority. Voting was subsequently conducted, with the members present extending their support to the merger.

The agenda for the meeting was read out by the bank’s Chief Executive Officer, Trigun Kulkarni. Members discussed a total of 26 items at the AGM. Discussions also covered various deposit schemes, lending policies, customer services, expansion of the bank and future initiatives. Members expressed satisfaction over NAMCO’s growing reach as a Multi-State Scheduled Bank and its progress towards new milestones. The important contribution of members, the Board of Directors and employees to the bank’s growth was also highlighted.

The meeting was attended by Vice-Chairman Prakash Dayama, Public Relations Director Devendra Patel, senior director and former MLA Vasantbhau Geete, Sohanlal Bhandari, Vijay Sane, Mahendra Burud, Bhaudas Chaudhary, Narendra Pawar, Akash Chhajed, Subhash Nahar, Harish Lodha, Lalitkumar Modi, Avinash Goti, Ashok Awa Sonje, Praful Sanchenti, Ranjanbhau Thakare, Supama Bagmar, Sheetal Bhatt, Prashant Dive, directors Tanaji Jaybhaye, Samyak Surana, Vishal Jategaonkar, Nayan Bhandari and former MLA Balasaheb Sanap, among others.