Extended reach

The Zoroastrian Co-operative Bank Limited’s 12 branches in Bombay and Poona will now be augmented by a further six branches in Surat — at Ring Road, Textile Market, Udhna Magdalla, Citylight, Rander and Ved-Katargam. Following the acquisition of the Surat-based City Co-operative Bank Limited, Zoroastrian Bank has now become a multi state scheduled urban cooperative bank. It brings into its area of operations the whole of Surat district, including the municipal corporation areas of Surat, Bharuch, Baroda, Anand, Nadiad, Ahmedabad, Navsari and Valsad in Gujarat. Its reach had hitherto been restricted to Greater Bombay, Thana district and the municipal areas of New Bombay and Poona.

(Above) Zoroastrian Bank CEO Aspi Katgara with Noshir Paghdi­walla; (alongside from left) Shernaz Mehta, Aspi Katgara, Noshir Paghdi­walla and Hoshang Sinor unveiling logo in Surat

"For Zoroastrian Bank to enter the shores of Gujarat is of immense importance to us as next to Bombay and Poona, Gujarat has the largest concentration of Parsi/Irani Zoroastrians,” says Noshir Paghdiwalla, chief operating officer (COO), Gujarat. "All the requisite NOCs (No Objection Certificates) including that from the Reserve Bank of India have been received by us. We are only awaiting the effective date from The Commissioner of Co-operative Societies, Ministry of Agriculture and Co-operation, Gujarat. We expect that very shortly all the six branches in Surat of the City Co-operative Bank shall function under the banner of the Zoroastrian Bank.”
The response and enthusiasm from their prospective clientele in Surat, both from within and without the community, has been a great motivation, he notes. "I consider it to be my privilege (to be appointed COO) since I have handled this project from the beginning, right from scouting for a suitable bank for takeover to obtaining permissions, the process of integration, grooming and mentoring of the local staff and the establishment of the relevant processes,” Paghdiwalla states. "Of course in my endeavors I have received unstinted support from the chairman Hoshang Sinor, vice chairperson Shernaz Mehta, the directors on the board and all who have been extremely supportive at every stage. I consider myself to be lucky to be governed by such an enlightened, straightforward and progressive set of individuals.”
Zoroastrian Bank offers a full range of banking products and services, including Core Banking Solution under which it extends the facility of ‘anywhere banking,’ RTGS, NEFT, EFT, ECS, SMS banking, etc to its customers. The total business of the Bank as of March 2012 exceeded Rs 1,000 crore and its net worth was marginally below Rs 100 crore, as per the information released by the Bank on June 3, 2012. The Bank was founded by Sir Hormusji Cowasjee Dinshaw in 1927 as a co-operative credit bank. It acquired the status of a scheduled urban co-operative bank in 2003. "It has been the aim of all of us at Zoroastrian Bank to do our utmost for the upliftment of the members of our community and even other communities. We strive not only to cater to their various banking needs but also to revive the spirit of entrepreneurship amongst the youth and the deservedly needy strata of society,” Paghdiwalla declares.