Minutes Of The Meeting

Jamia Cooperative Bank Limited

2/9, Surya Complex, Sarai Jullena,
New Delhi-110 025
Tel: 26322236, 64558232

MINUTES OF THE 19TH ANNUAL GENERAL MEETING HELD ON SEPTEMBER 13th 2015 AT GHALIB ACADEMY, NIZAMUDDIN (WEST), NEW DELHI.

Mr. M.M. Zaman, Consultant (Banking) came on the dais at 11:30 a.m. As there was no quorum, he informed the Chairman accordingly. The Chairman advised Mr. Zaman to declare that the meeting stood adjourned for15 minutes. The adjourned meeting began at the same venue and on the same date at 11:45 a.m. Mr. Zaman invited the Chairman and the other members of the Managing Committee on the dais and extended a warm welcome to all the participants in the meeting. Miss Samreen Fatima Miss Rahmat, Miss Reffat, Mrs. Shabnam Shozib Beg presented bouquets to the Chairman and other Directors of the Bank.

After giving a brief introduction of the members of the Board of Directors. Mr. Zaman requested Mr. M.Q.H.Beg Chairman to preside over the meeting.

At the outset Mr. Zaman informed the General Body about the sad demise of Mr. Khursheed Alam Khan member of the Bank and renowned personality of India who left for his heavenly abode on 20th July, 2013. He requested Mr. I.A.Khan, Consultant (HR & Administration) to move a resolution condoling his death.

"With profound grief I, Irfan Ahmad Khan Consultant - HR & Administration inform the house about the sad demise of Mr. Khurshed Alam Khan who left for his heavenly abode on 20th of July, 2013. He was around 95 years of age. I propose the following resolution for adoption:

The General Body of the Shareholders of the Jamia Co-operative Bank Limited places on record its deepest sense of shock at the sad demise of Mr. Khurshed Alam Khan the father of our Director Mrs. Rehana Mishra. He was a symbol of humility, Integrity, Secularism & Academic excellence. He was a student at the university of Pennsylvania, U.S.A.

He was a senior leader of the Indian National Congress Political Party, Governor of Karnataka, Goa & Chancellor of Jamia Millia Islamia. He was a member of the Union Council of Ministers & had handled various portfolios, namely External Affairs, Tourism Civil Aviation, Textiles and Commerce. He had the distinction of addressing the United Nations as also the Security Council on a number of occasions. In 1988, he represented India at the Republican Party Convention of the U.S.A. Mr. Khurshed Alam Khan was the son-in-law of Dr. Zakir Hussain, former President of India & Father of Mr. Salman Khurshed, Union Minister for External Affairs. Indeed, Mr. Khurshed Alam Khan was a highly charismatic person. He impressed every body with his interest and scholarship combined with humility. He left behind his wife, three daughters & one son. This meeting conveys its heart-felt condolences to the bereaved family may his soul rest in peace!"

The General body is requested to adopt the above resolution and stand in silence for two minutes as a mark of respect in the memory of the departed.

The General Body adopted the above resolution and subsequently stood in silence for two minutes as a mark of respect in the memory of the departed.

Chairman Address

The Chairman extended a very warm welcome to all shareholders of the Bank who had come to attend the meeting in a larger number than ever before. He thanked them for taking interest in the affairs of the Bank and also for reposing their condence in the Board of Directors. It was the trust of the shareholders, which encouraged the Directors to work for the growth and the expansion of the Bank from year to year. He informed the house that two branches started functioning one at E-69, Lower Ground Floor, Jasola Village, New Delhi-110025 and the other at H.No. 7-A, Shakti Vihar, Main Tanki Road, Badarpur, New Delhi-110044.

Then, the Chairman proceeded to give facts and figures about the progress made by the Bank during the year 2012-13. He said that the number of shareholders had increased from 9,635 as on 31.03.2012 to 10,494 on 31.03.2013. The deposits with the Bank had gone up from Rs. 9353.37 lakhs as on 31.03.2012 on Rs. 10787.12 lakhs as on 31.03.2013. Loans and advances went up by 32.32% from Rs. 4891.36 lakhs as on 31.03.2012 to Rs. 6472.34 lakhs as on 31.03.2013. Reserves had moved from Rs. 1428.14 lakhs as on 31.03.2012 to Rs. 1677.59 lakhs as on 31.03.2013 registering a growth of 17.47. Capital grew from Rs. 376.20 lakhs as on 31.03.2012 to Rs. 431.71 lakhs as on 31.03.2012. Net profit was earned to the tune of Rs. 290.79 lakhs after payment of Income Tax.  

CBS has been implemented in all the eight branches & and Head Office. Now account holders may be able to access their accounts from any branch of the Bank. For security reasons, cameras had been installed in all branches of Bank. RTGS/NEFT Facility has already been started. SMS and ATM facilities have already been started for customers. We are going to provide the Internet Banking Portal (View only) & Retail Forex & remittances Facility will be started very soon customers. He informed the house that the Bank established training centre for imparting training to the staff. The Chairman appreciated the efforts made by Managing Committee for improvement in customer services and staff welfare measures. The Chairman also appraised the house about the contribution of Mr. M.F.H. Beg, Founder Director, towards the reduction of NPAs and also for the progress and smooth functioning of the Bank  

Thus the Bank gave evidence of growth on almost all parameters. The Chairman maintained that this growth could be achieved because of the honesty, integrity and hard work done by the former Chiarman, Prof. Asad Ali, Directors of the bank & good corporate governance. The Chairman specially praised former Chairman Prof. Asad Ali for his contribution to the bank as Chairman, Vice Chairman for the tremendous growth of the bank in all the fields. He is known in the bank for his impartially, integrity and competence. He is a former Head of English Department of Jamia Millia Islamia & was associated as President/Member/Secretary/Treasurer with various prestigious organizations. He remained Chairman of the bank for more than a decade which is commendable. I am very grateful for his guidance and support during his period and I request him to continue his guidance to me for the growth of the bank. He never missed any meeting except in a very exceptional occasion. Prof. Asad Ali, Ex- Chairman has received the Co-operative Award from Smt. Sheila Dixit, Hon’ble Chied Minister, Govt. of Delhi on 10th April, 2013 for Commendable performance during International Cooperative Year 2012  & Mr. M.F.H Beg, Founder Director has received the Ch. Dalip Singh Memorial Award from Smt. Sheila Dixit, hon’ble Chief Minister, Govt. of Delhi on 10th April, 2013 for Commendable Performance during International Co-operative Year 2012. The Bank made generous contribution of Rs.1.0 lakh to the Prime Minister’s National Relief Fund for which the Prime Minister appreciated this thoughtful gesture and conveyed his gratitude.  Chairman informed the house that Reserve Bank of India, New Delhi issued us a Show Cause Notice proposing a monetary penalty of Rs.5.00 Lakh for Violation of KYC norms. The Bank represented against the Show Cause Notice.  The Regional Director of RBI, New Delhi, gave us an appointment for meeting with him.  The Chairman and Members of Managing Committee including Mr. M.M. Zaman Consultant (Banking) explained the progress.  He was kind enough to grant us time upto 31.03.2013 for compliance of KYC norms.  The Bank was successful in compliance of KYC norms in around 85% of the cases. Consequently the RBI reduced penalty from Rs.5.00 lakh to Rs.2.00 Lakh, which we have already deposited under protest.  All the members are requested to fulfill KYC norms in respect of their accounts.  

The Bank purchased AML Easy software for complete fulfillment of full KYC norms including risk categorization.  

He also praised the work done by Mr. V. Nekman, C.E.O., Mr. M.M. Zaman, and Consultant  (Banking), Mr. I.A. Khan (Consultant HR and Administration) and by the members of the staff who contributed sincerely towards the progress of the Bank. He declared that the Board had recommended to the AGM to sanction dividend at the rate of 18% of shareholder’s share money for the year 2012-13.  

The General Body welcomed the proposal and endorsed it. Members applauded the decision and said that the Bank deserved laurels for its excellent performance.

Then the Chairman talked about the Information technology in the Bank. He said that the Bank was fully computerized. All the branches including the Head Office have INTERNET connection and the Bank has its own Website ‘www.jamiacoopbank.com’, which gives all information about the Bank to its users.  

The Chairman said that the Bank was started in Jamia Nagar because the inhabitants of this area did not get banking facilities from other banks. Most of the people belong to the weaker sections of the society - minorities, Scheduled - castes, rickshaw - pullers, auto - drivers and vendors without shops doing their business on footpath without any banking facility. The Bank rescued many of them from poverty and deprivation. It will continue to do so in the future also. Moreover the Bank has been advancing loans to all categories of shareholders without any discrimination on the basis of caste or creed. Directors and members of the staff also represent the various strata of our society. The Chairman maintained that the Bank is a living example of national integration and is a model Co-operative bank in Delhi.

Lastly and mostly the Chairman praised Haji Nazir Ahmed founder member of the Bank who attended all the meetings of AGM inspite of his recent health problems.

Confirmation of Minutes of the last AGM

Mrs. Sadaf Beg, read out the minutes of the last AGM held on 14^th October 2012. The shareholders confirmed the minutes with a voice vote.

Directors Report

Mrs. Rehana Mishra, Director, read out the Directors report for the financial year 2012-2013 the house adopted the reports with voice vote.

Auditors Report

Mr. Rajesh Gupta, Director read out the auditor's report for the financial year 2012-2013. The report was adopted by the House with a voice vote.

Endorsement of all decisions taken by the Board

The House unanimously approved the proposal of Mr. Vishwa Nekman, C.E.O. to approve and
confirm all resolution/decisions taken by the Board during the financial year 2012-2013.

Appropriation of Profit

Mr. M.M.Zaman. Consultant - Banking informed the House about the appropriation of profit for the financial year 2012-13 as given below. The House confirm with a voice vote.

	AMOUTN IN (Rs.)
1. STATUTORY RESERVE (25%)	72,69,766.50
2. BAD & DOUBTFUL DEBTS RESERVE (25%)	72,69,766.50
3. CURRENT & CONTINGENCY RESERVE	45,00,000.00
4. BUILDING FUND	7,00,000.00
5. COOPERATIVE EDUCATION FUND	50,000.00
6. DIVIDEND 18%	70,66,071.00
7.STAFF BONUS & WELFARE FUND	5,00,000.00
8. GENERAL WELFARE FUND A/c	12,23,462.00
9. COMPUTER MAINTENANCE FUND	5,00,000.00
TOTAL	290,79,066.00

Participation from the floor

Mr. Syed Parvez Qaiser (M.No.3344) requested that pay order for dividend should be sent direct to the shareholders at the address given in the bank & plastic membership cards should be issued. He also suggested that Dividend should be transferred through RTGS. Mr. M.Q.H. Beg suggested that in view of the changes in addresses many pay orders are returned to the bank causing a lot of problems for issuing duplicate ones. He suggested that the members should open their accounts in the branches of the Bank to facilitate transfer of dividend directly to their accounts. The members were also advised to get the change of their addresses registered with the Head Office of the bank so that copies of the Annual Report and other informations of the Bank are sent to them on their correct addresses. The Chairman suggested that IFSC Code, Branch Name & Account Number should be provided for payment of dividend through RTGS. The Chairman suggested that the amount of that the unclaimed dividend amount may be paid to rightful claimant. Mr. M.Q.H. Beg also informed decision will be taken at appropriate time on the introduction of plastic membership card.

Mr. Syed Wajid Ali Zaidi (M.No.11006) suggested that members Saving Account must be opened. The Chairman said it cannot be made mandatory.

Chairman's Thanks

Finally, the Chairman, thanked all shareholders for reposing their full confidence in him and all hisColleagues in the Board. He also expressed his thanks to the officers in the RBI and RCS for theCooperation and guidance he received from them from time to time. He placed on record his thanks to all his colleagues in the Board, especially to Mr. M.F.H. Beg for the cooperation he received from them in discharging his duties as the Chairman of the Bank. He appreciated the efforts of Mr. V. Nekman, C.E.O., Mr. M.M. Zaman, Consultant (Banking) the Branch Managers and other members of the staff of the Bank for their contribution to the development of the Bank. He expressed the hope that the Bank will continue to prosper and flourish in times to come. Finally, the Chairman had a word of praise for Mr. M.M. Zaman, Consultant (Banking) who conducted the meeting in an excellent manner.

The meeting came to an end with thanks to the Chair at 1:30 p.m.

-sd- (V. Nekman) C.E.O

-sd- (M.Q.H Beg Chairman