"The strength of the team is each individual member. The strength of each member is the team."

—Phil Jackson

Dear Members, Stakeholders and Valued Customers,
      It is with deep emotion and sincere gratitude that I address you today as the newly elected Chairperson of Urban Co-operative Bank Ltd. Bareilly. This year marks a significant milestone as we celebrate 28 years of service, resilience, and growth since our inception in 1996. For nearly three decades, Urban Co-operative Bank Ltd. Bareilly has evolved into a trusted financial institution, committed to serving its customers with integrity, innovation, and unwavering dedication. As a committed organization, we ensure to keep our promises and provide a sustainable banking environment from one to all.

A Legacy of Leadership

This year has also been one of profound personal loss and reflection. The sudden and untimely demise of our beloved Chairperson, Smt. Saubhagya Gangwar, has left a permanent void in our hearts and our institution. As her daughter, this loss resonates deeply with me, both personally and professionally. My mother was not only a visionary leader who guided this bank with exceptional wisdom and foresight, but she was also my mentor, my role model, and my greatest source of strength.

Her dedication to Urban Co-operative Bank Ltd. Bareilly was unparalleled. She nurtured this institution with care and commitment, much like she did with her own family.

      The unparalleled growth of this bank has been possible because of the vision, the effort and the dedication of one single person, the founder chairperson, chief patron and my father, Shri Santosh Kumar Gangwar.

      While I embark on this new journey, no words can describe his immense contribution to where this bank is now. From getting the trust of first 1000 members to opening its first branch and then going multi state has been only possible because of unwavering support and guidance given by Chief Patron. His commitment and insight of cooperative sector together with the visionary thought process will remain instrumental in times to come.

As I step into this role, I do so with a profound sense of responsibility to honour her legacy and proudly take forward the fruits of their hard work. I am committed to carrying forward their vision, ensuring that our bank continues to grow, prosper, and serve our community with the same values and principles they have so passionately upheld. Her spirit and his continuous support will forever guide me in this journey, and I am deeply humbled to have the opportunity to lead this esteemed institution that they have loved so dearly.

Strategic Growth Initiatives: Attaining Multi-State Cooperative bank status

This year, Urban Co-operative Bank Ltd. Bareilly achieved a significant milestone by attaining Multi-State Co-operative Bank status. This achievement is not just a formal recognition of our growth but a reflection of our dedication to extending our services beyond traditional boundaries.

Being recognized as a Multi-State Co-operative Bank opens new avenues for expansion and allows us to cater to a broader customer base across multiple states, enhancing our ability to serve diverse communities with our trusted financial services.

On the 9th of March, 2024, we proudly inaugurated our first branch under this new status in Kichha, Uttarakhand. This branch symbolizes the beginning of a new era for our bank, where we can now operate across state lines, bringing our personalized banking services to new regions. This expansion marks our commitment to growing alongside our customers, offering them greater accessibility to our banking solutions.

The attainment of Multi-State status also signifies our readiness to embrace larger challenges and responsibilities. It positions Urban Co-operative Bank Ltd. Bareilly as a more versatile and robust institution, capable of competing at a higher level while staying true to our cooperative roots. This achievement is a testament to the trust and confidence that our customers and stakeholders have placed in us over the years, and it reinforces our commitment to delivering exceptional service as we expand our footprint.

In addition to this, we have received approval from the Reserve Bank of India to expand into the Moradabad and Meerut regions, where we are planning to open new branches soon. These expansions are a reflection of our strategic vision to broaden our footprint and provide our customers with the banking solutions they need, wherever they may be. We are excited about the opportunities these new regions present and are committed to serving these communities with the same dedication that has been our hallmark.

Strengthening Digital Infrastructure

In an era where digital Services with high degree of security is paramount, we have made significant investments to ensure the safety of our customers' data and transactions.

1. Launch of Internet Banking: Last year, on the 29th of September, 2023, during our Annual General Meeting, we proudly launched our Internet Banking services, providing our customers with greater convenience and accessibility. This initiative has been a critical step in our digital transformation journey, enabling seamless banking experiences from the comfort of our customers' homes.
2. Cyber Security Operations Centre (CSOC): To further secure our digital landscape, we have implemented Cyber Security Operations Centre (CSOC) services for the bank. This centre provides 24/7 monitoring of all digital activities, ensuring that any suspicious activity is detected and addressed immediately. The CSOC enhances our ability to protect customer data and banking operations from cyber threats, ensuring that our systems remain resilient against potential breaches.
3. Active Directory (AD): Additionally, we have implemented Active Directory (AD) within our infrastructure, which centralizes and manages user access across our digital platforms. This system not only enhances security by ensuring that only authorized personnel can access sensitive information but also simplifies the management of user permissions and credentials across our network. Together, these measures significantly strengthen our defence against digital threats, providing our customers with the assurance that their data is protected by state-of-the-art technology.

Business Performance and Challenges

While we have celebrated many successes, we are also thoughtful that we had to spend significantly for opening of four new branches in March 2023. While this has brought down the profit this fiscal year to Rs 9.32 Cr from Rs 10.49 Cr in the last fiscal, however we are moving in the right direction. These new branches and new customer oriented initiatives we are that we are aligned with will surely bring in long term growth. We are confident that these new branches will become profitable soon. I am also pleased to report that our Net NPA remains at zero, a clear indication of our prudent and responsible lending practices. Moreover, our loan portfolio has grown from 272.6 crore to 305.99 crore, further solidifying our financial position and our ability to serve our customers' needs.

Gratitude and Future Outlook

As we look to the future, I am filled with optimism and confidence. The foundation laid by my mother, Smt. Saubhagya Gangwar, my father, Shri Santosh Kumar Gangwar, the founding directors and members and all those who have contributed to our Bank's growth, is solid and enduring. I am committed to building on this legacy, ensuring that Urban Co-operative Bank Ltd. Bareilly not only meets but exceeds the expectations of our customers, shareholders, and the communities we serve.

      I would like to extend my heartfelt thanks to our Board of Directors for their guidance, wisdom, and support throughout this transitional period. Your collective expertise and vision have been instrumental in navigating the challenges we have faced and seizing the opportunities that have come our way. I also wish to express my deep gratitude to our CEO, whose leadership and dedication have been pivotal in steering the bank towards continued success. Your tireless efforts and commitment to excellence inspire us all. Success comes with team effort and hence my sincere thanks to all the esteemed employees and associates of this bank.

      As we move forward, I want to express my sincere thanks to our shareholders for your trust and belief in Urban Co-operative Bank Ltd. Bareilly. Your support is the foundation upon which we build our future, and I am committed to upholding the values and standards that you have come to expect from us. Together, we will continue to achieve great things and build a bank that reflects our shared vision for a prosperous future.

Thank you for your continued trust and support.

Warm regards,

Smt. Shruti Gangwar
Chairperson
Urban Co-operative Bank Ltd. Bareilly