An expert in Information Technology Yazdi B Tantra has been elected unopposed as the new Chairman of Multi State Scheduled Bank- Zoroastrian Cooperative Bank in the recently held election. He replaced Homai A.Daruwalla who is now elected as the director on the board.
Besides, Phillie D. Karkaria has been elected unopposed as the Vice-Chairman of the bank. The bank’s board consists of 14 directors and all have been elected unopposed.
Tantra has been running a medium-sized computer company ON-LYNE for the past 24 years. Despite efforts Indian Cooperative failed to elicit the response about the election of the new Chairman of the bank.
A statement released by the bank reads, “Mr Yazdi B Tantra has been on the Board of the Bank since 2005. A qualified Chartered Accountant, Tantra is an expert in Information Technology.”
“Earlier, Tantra was the Vice Chairman of the Board and has also been heading the IT Committee of the Board. He spearheaded the technological upgradation of various processes in the Bank”, the statement read.
“Phillie D. Karkaria, a Fellow of the Chartered Institute of Management Accountants (FCMA), London, has been on the Board of the Bank since 2014. He was heading the Audit Committee of the previous Board. Karkaria is a well-known professional and is on the Board of various reputed Companies”, the bank statement reads.
It further reads, “the new Board of Directors led by Mr. Yazdi Tantra is taking over the reins of the Bank at a time when the Economy has been significantly impacted by the COVID19 pandemic. The Bank would continue to pursue sustainable growth, high level of Corporate Governance, Customer Centricity and safety of the interest of its members”.
”If we see the overall performance of the bank in the 2019-20 financial year in comparison to 2018-19, the bank’s mix business decreased from Rs 1773 crore to Rs 1678 crore in 2019-20. The profit after tax of the Bank for the fiscal 2019-20 was Rs 328.29 lakh after provisions and contingencies of Rs 350.10 lakh, provision for taxes of Rs.302.10 lakh and all expenses.
The bank is having a network of 18 branches in two states including Maharashtra and Gujarat.