Dadabhoy has previously authored Jeh: A Life of JRD Tata and Sugar in Milk: Lives of Eminent Parsis. In a section titled “Weathering the Storm”, the civil servant talks about the banking crisis of 1913, triggered in equal parts by greed, deceit, ineptitude, and the absence of a central bank.
In 1910, a young Parsi assistant accountant with the Bank of India in Bombay had the far-fetched idea that he could set up a bank of his own. When news of this alarmingly ambitious enterprise reached his Manager, H.P. Stringfellow, he sent for the young man seeking confirmation of such vaulting intent. At first, Stringfellow regarded it as a ‘huge joke’ but when he realised that the young man was serious, gravely advised him to abandon his scheme of a bank promoted and managed by Indians. Stringfellow was concerned about the young man’s career. The young man had served the bank well and since no other Indian had attained the status he had, Stringfellow told him that he would be foolish to throw it all away in the search of a chimera. He asked him to ponder his advice and reconsider his decision. But the young man had already made up his mind and told his manager, ‘Sir, I have made up my mind. I resign the bank’s service. One day, my bank will be bigger than yours.’ In this seemingly precipitate manner was the decision taken from which a premier banking institution in the country was born. The young man: Sorabji N. Pochkhanawala. The bank: The Central Bank of India. Sorabji nurtured Stringfellow’s ‘huge joke’ into a living reality and if his manager was amused, it was Sorabji who laughed all the way to his ‘own’ bank.
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Zoroastrian Bank is now offering attractive rates for Fixed Deposits (FDs) from NRIs in NRE accounts – upto 8.5% Valid for NRIs from any country in the world. The offer is open for a limited period – so do take advantage NOW !
Please read the flyer enclosed and support the Community Bank with a Win-Win proposal.
As you may be aware, The Zoroastrian Co-operative Bank Limited – Mumbai, is one of the leading Co-operative Banks in India serving the community and others for over 85 years and ranked at the highest level by the Statutory Authorities.
It can perhaps be termed as the only Bank belonging to the community and committed to serve its members with transparency and good governance.
ZCBL, as it is more popularly known, has now embarked upon broadbasing its patronage from Non-resident Indians who have settled abroad and who are looking to make investments in Bank Deposits in India.
Towards this chosen path, the Bank is offering attractive rates of interest on NRE Deposits, which rate, in the present day, is unmatched by any Bank in India. It offers 9.50% for Deposits over 3 years up to 5 years and 9.25% on Deposits from 1 year to less than 3 years. This offer is, however, limited up to 28th February, 2013.
We deem it necessary to seek your valued patronage to the Bank by taking advantage of this limited offer and building up a mutually beneficial banking relationship with us on your personal front as also through your connections, friends, family members, relations, associates, et al.
We, in turn, assure you of our best endeavours in strengthening our business association further by our keenness to be of service to you.
For any information as may be desired, you may get in touch with our NRE desk by contacting Ms. Pinaz Pardiwala on +919619176749; e-mail: email@example.com
Ms. Delnaz Kapadia on +919920515050; e-mail: firstname.lastname@example.org.
You may even feel free to contact the undersigned on +91 66661811 or on this email address – email@example.com
The Zoroastrian Co-operative Bank Limited has now achieved the status of a Multi State Scheduled Urban Co-operative Bank and has been authorized by the Statutory Authorities to acquire the Surat based “City Co-operative Bank Limited” and is set to now commence normal banking operations through its Regional Office located at Belgium Chambers, Ring Road, Delhi Gate, Surat. In addition to Zoroastrian Co operative bank’s present network of twelve branches in Mumbai and Pune, Zoroastrian Bank will now add a further six branches in Surat, conveniently located at Ring Road, Textile Market, Udhna Magdalla, Citylight, Rander and Ved-Katargam. As a result, the network of Zoroastrian Bank will now comprise of eighteen branches.
By virtue of the said acquisition, its area of operations which hitherto was confined to Greater Mumbai, Municipal Limits of Pune City, Thane District and Municipal areas of Navi Mumbai in the State of Maharashtra, shall now additionally encompass the whole of Surat District and including the Municipal Corporation areas of Surat, Bharuch, Baroda, Anand, Nadiad, Ahmedabad, Navsari and Valsad in the State of Gujarat. All the six branches at Surat shall now function as full-fledged branch offices of ZCBL, and shall extend a vast range of products and services to its clientele hailing from all the strata of society. In its ambit, the Zoroastrian Bank has a vast repertoire of Banking products driven by a high level of technological advancement. It is equipped with Core Banking Solution, under which, it can extend the facility of anywhere banking to its customers. Other technology driven products within its range like RTGS, NEFT, EFT, ECS, SMS Banking, etc. are bound to be found convenient by its constituents.
The Zoroastrian Co-operative Bank Ltd. has been classified as one of the leading banks in the co-operative sector by virtue of its transparency of dealings, courteous dispensation of service, readiness to cater to need based requirements of its constituents, professional approach, availability of varied products backed by high level of technological advancement and last but not the least, its adherence to live up to its motto of “The Bank that is big on Tradition and Trust”.
The total business of the Bank as at March 2012 was in excess of Rs. 1000 crores and its Net Worth was marginally below Rs. 100 crores.
As against the requirement of 9% of Reserve Bank of India, the Capital Adequacy of the Bank is in excess of 14%. The business productivity of the Staff reflected at Rs. 717.00 crores is amongst the highest amongst peer banks. Throughout its tenure, the Bank has maintained a high standard of Corporate Governance and excellence in management practices. Its banking services are relationship based and high on customer care by imbibing technological advancement with due stress on quality based assets portfolio. Resultantly, it has throughout been rated at the highest category by the Statutory Authorities.
The Bank has always given due emphasis on development of Human Resources by conducting training programmes and workshops on various aspects of Banking not only in-house, but also deputing its personnel to other Institutes imparting such training sessions. With its foray to the shores of Gujarat, it has now realised its vision of being ranked as “A leading Multi-State Bank in the true spirit of Zoroastrian Tradition and Trust”.
About Zoroastrian Co-operative Bank
The Zoroastrian co-operative bank Limited was founded by Mr. Hormaji Cowasjee Dinshaw and registered on 17th June 1927 as a Co-operative “Credit” Bank governed under the then existing Co-operative societies Act, Bombay Presidency VII of 1925. Thereafter, on 16th February 1994, the bank acquired a license to carry on banking business under section 56 of the Banking Regulation Act, 1949.
On 8th March 2003, the bank acquired the status of a Scheduled Urban Co-operative Bank Limited by virtue of a notification dated 23rd January, 2003 issued by Reserve Bank Of India in pursuance of clause (a) of Sub section 42 of the Reserve Bank of India Act, 1934, including the Bank’s name to be included in the Second Schedule to the said Act, and as published in the Gazette of India, New Delhi.
The main objective of the Bank is to render effective banking facilities to its shareholders and clients of all communities. What identifies the Bank as distinct from its competitors is the high level of personalized and technologically driven services catering to need – based requirements of its constituents. The bank has fully computerized all its branches under the core banking solution and also offers extended business hours based on the location of the Branches for the convenience of the customers.
The Zoroastrian Co Operative Bank
20 Belgium Chambers Opp Linear Bus Stop, Delhi Gate Ring Road SURAT Gujarat
0261: 2402051 / 2402251 www.zoroastrianbank.com
For press backgrounder on The Zoroastrian Co-Operative Bank Ltd click here