Plans to adopt Artificial Intelligence (AI) based solutions to enhance customer experience are being prepared at The Zoroastrian Co-operative Bank Limited (ZCBL), stated chairman Yazdi Tantra at a customer meet on March 17, 2023 at Hotel President. Tantra shared the highlights of the 96-year-old Bank’s forays into technology-led initiatives, such as a new Centralized Banking Software, Finacle and Zoro Mobile, all aimed at making banking easily accessible to clients.
This would enable the customers’ "day-to-day queries and instructions to be executed online round the clock,” the chairman told Parsiana on March 22. "From the Bank’s side, we could generate various relevant, insightful reports instantly, leading to timely, efficient and effective decision-making.”
Reassuring the customers of the fundamental strengths of the Bank, managing director and chief executive officer Daljit Dogra pointed out the professional board of directors and management, strong capital adequacy ratio and a less than one percent non-performing assets. "The Reserve Bank of India requires at least two professional directors on the board of co-operative banks… We are probably the only co-operative bank in the country where all 14 directors are professionals!” The other strength of the Bank was the "decent profitability,” he added.
Top: Yazdi Tantra addressing Zoroastrian Bank customers (above)
Dogra noted that the Bank "was careful in choosing its business strategies and business partners.” He highlighted excellent growth in advances, particularly the retail loans, stated the report on the customer meet. "As of March 15, 2023, the share of retail loans has moved up to 60% … showing a year on year growth of over 65%.”
Dogra confirmed that the Bank would continue to register good growth ensuring adequate safety, liquidity and returns for its depositors. The Bank has recently "increased the interest rates on fixed deposits which compare well with other banks.”
Tantra who had developed ties with the Bank over 15 years took over as chairman in March 2021 (see "Banking on change,” Parsiana, December 7-20, 2021). The other directors are vice chairman Phillie Karkaria, Homai Daruwalla, Shernaz Mehta, Saroosh Dinshaw, Firdos Shroff, Manek Kalyaniwalla, Bakhtyar Saklatwala, Noshir Paghdiwalla, Zubin Billimoria, Aspi Kathawalla, Hormazdiyaar Vakil, Viraf Mehta and Smita Tambe.
Many customers mentioned their long association with the Bank and appreciated the services offered and the customer friendly outlook of its staff. Customer for "more than 29 years,” Cawas Pundole, partner of C. T. Pundole and Sons, a 110-year-old business offering wall clocks and luxury brand wristwatches stated that they have been "banking and growing with ZCBL (over 29 years), no other Bank can match the service standards of ZCBL.” Kajal Waghela who represented the Zoroastrian Trust Funds of India stated that the "Bank has been very helpful to us as a nongovernmental organization and has been available in times of need, at all times.”
Mohit Jain, director of Girisons Retailing Private Limited stated they have been customers since 1996. ZCBL "has always financed our business whenever there was a need.” Ramesh Sahajwani, director of financial consultants Infinity Finvest Solutions stated that his loan proposal was cleared in two weeks. "Many customers travelled from far off places like Poona to attend this event,” stated Tantra’s note. The Bank has branches in Bombay, Poona and Surat.
Guest speaker Anand Vardarajan of Tata Mutual Fund delivered an address on investment strategies and opportunities in the current economic situation. When asked why someone should invest in mutual funds, and specifically from the house of Tata, the business head, banking, alternate products and product strategy, responded, "Because we have the Tata name… We are committed to safety, liquidity and returns — in that order!”
Farrokh Jijina