Chairman of Kokan Mercantile Co-operative Bank felicitated formaking a turnaround

MUMBAI: The iconic institution Anjuman-I-Islam and Marathi Muslim Seva Sangh have jointly felicitated Asif Gulam Mohammed Dadan, Chairman, Kokan Mercantile Co-operative Bank, for making a turnaround in the multi-state urban co-operative bank.Kokan Mercantile Co-operative Bank has come out of the RBI's Supervisory Action Framework (SAF) after a gap of 10 years. Remarkably, the Bank’s net Non-Performing Assets (NPA) dropped to 4.33% as of 31st March 2025, from10.22% in FY 2022–23.While the bank's total business crossed Rs 1,321 crore, registering a 6.89% year-on-year growth, its Capital to Risk (Weighted) Assets Ratio (CRAR) stood at 17.06%, nearly double the regulatory requirement of 9%.

"We are extremely happy that we have not only exited SAF after 10 years, but have also registered a significant growth. We have wiped out all our past losses and gained significantly through profit. Now our target is to get the coveted status of a Scheduled Co-operative Bank," said Dadan at the felicitation function held at the bank's headquarters in Mazagon.The bank's growth trajectory can be understood and appreciated with its net profit of Rs 10.19 crore in FY 2024–25 and rising numbers of account holders and digital users.

Its deposits were Rs 813.01 crore, while advances reached Rs 508.60 crore as on 31st March 2025.Significantly, the Board of Directors has reappointed Akbar Y. Kondkari as Chief Executive Officer (CEO) for another three-year term with RBI’s approval, and his tenure has been extended till 2028.Founded in 1969 by a group of visionary leaders and individuals with an aim to help middle and lower income groups to establish businesses and improve economically, the bank has played a crucial role in fulfilling its goals.

Though its main clients comprise Kokani community members, the bank's doors are open to all communities. It operates through 25 branches across Greater Mumbai, Thane, Raigad, Ratnagiri and Goa."We are focussed at microfinance and strive to expand the bank's digital footprint with RuPay Debit Cards, a mobile banking app and UPI linkage," said Dadan. "Our goal included offering seamless and secure banking services to our growing customer base."Congratulating Dadan and his team for achieving this significant milestone, Anjuman-I-Islam president Padmashree Dr Zahir Kazi said that the bank's significant achievements would go a long way in inducing confidence among its stakeholders, including customers and shareholders. Recalling his long association with the bank and its many past chairmen, Dr Kazi said that the bank should call a shareholder' meet and thank them for the continued support and for reposing faith in the bank's leadership.Anjuman-I-Isam's senior vice-president and chairman of Maulana Azad Minorities Financial Development Corporation Mustaq Antulay said that he would see how the Corporation could co-operate the bank in its growth journey.Marathi Muslim Seva Sangh's president Fakir Mohammed Thakur too congratulated the bank's chairman for his able leadership which has brought the bank out from SAF and reduced its NPA substantially. He promised continued support to the bank.