They are the women who chose to dare. 40 years ago few of them came together to launch the State’s first and the only all women bank. With more than 17,000 women as members the Women’s Co-operative Bank Ltd continues its journey towards financial prosperity
This indeed is a success story.
They had no financial backing but were high on motivationand the will prove themselves. Under the dynamic leadership of Libia Lobo somewomen came together to form a bank exclusively for women.
That is how the first co-operative bank for women in Goacame into being in 1972 under Goa Co-operative Act.
Libia and her dedicated team went to rural Goa to educatewomen the importance of savings and motivated them to open accounts in the bankby paying Rs 50.
Initially there were 481 women members, which at present hasgrown to over 17,000.
The bank’s first office was at Ganga Niwas in Panjim. Since1994-95 the bank’s premises has been shifted to Aakash Bhavan.
“My mother-in-law Shanta Manohar Dhond was the FounderMember of the bank while my mother Malini Vidyadhar Naik was the Director up to1992,” said Pratima Dhond, Chairperson of Women’s Co-operative Bank Ltd.
In 1992 Dhond became a director of the bank and was electedas Chairperson in 1993. She bagged the Best Chairperson Award by the Goa StateCo-operative Union Ltd in 2011.
Including Pratima and the Vice-Chairperson Amol Morajkar,
The bank has total 10 directors including Pratima andVice-Chairperson, Amol Morajkar on its board.
The bank’s head office in Panjim has 22 women staff whilethe Mapusa branch has six.
Giving financial independence to thousands of women andoffering monetary help to hundreds of men, the bank has completed four decades.
Covered under DICGC Act the deposits in the bank areinsured, as any other public or private sector bank.
The bank has jurisdiction all over Goa and women residing inany part of Goa can be members.
Anyone living outside Goa cannot avail loan facility. Toprocess a loan two sureties are must, with spouse as one of the sureties. Alsophoto identity is a must. Men as well as women can avail a loan, provided theyreside in Goa.
If husband needs a loan wife should be one of the suretiesand vice versa.
The bank accepts Pigmy (Padma) deposits along with fixeddeposits and offers jobs to women as Pigmy collection agents.
With women centric activities the bank has proved to be anideal example of how women can empower themselves. Making women aware of theirsocial and legal rights is another task the bank is engaged in.
