Pune: In a significant move for its workforce, the Maharashtra State Cooperative Bank has introduced a lifetime pension scheme for its employees, a first of its kind in the cooperative banking sector. This scheme was announced following the bank’s impressive performance this financial year, with a net profit of ₹615 crore.

The 113th annual general meeting of the bank was held at its Mumbai headquarters on September 19. The bank’s administrator, Vidhyadhar Anaskar, revealed the details of the pension scheme during the meeting, which was attended by former Member of Parliament Anandrao Adsul, Managing Director Dilip Dighe, and General Manager Anand Bhuibhar.

This newly announced pension scheme has been named after Dharmaraj Munde, a retired organizer of the bank's employee union. It will benefit 507 current employees, who will receive a monthly pension of ₹10,000 after their retirement.

A notable aspect of the scheme is that all the required funding has already been secured by the bank, showcasing its financial stability and commitment to employee welfare.

The bank’s leadership has received widespread appreciation from its employees for introducing this landmark scheme. In addition to the pension announcement, the bank honored two entrepreneurs, Ashmira Swara and Anuradha Godse, for their contribution to the business community.

₹615 Crore Profit and 10% Dividend Declared

The Maharashtra State Cooperative Bank continues its successful streak, recording a net profit of ₹615 crore this financial year, an increase from last year’s ₹609 crore. Notably, this profit figure excludes any arrears from the government, highlighting the bank’s strong operational performance.

In light of this profit, the bank has declared a 10% dividend for its members, a recommendation made by the administration that was approved during the general meeting.

The bank’s total reserves and capital stood at ₹6,530 crore by the end of March, with a capital adequacy ratio of 81.50%. Furthermore, the bank’s total deposits grew by ₹4,969 crore, reaching ₹23,583 crore as of March 31.

The bank has also maintained its reputation for financial transparency and reliability, receiving an ‘A’ audit rating for the past 12 consecutive years. Over the last decade, the bank has consistently provided a 10% dividend to its members, a tradition it continues this year.