(L-R) Vice Chairman CA Yashwant Kasar, Managing Director Apekshita Thipsay, Chairman Adv. Pralhad Kokare, CA Milind Kale & Sachin Apte | Sourced
With the permission of the Reserve Bank, all thirteen branches of the Bengaluru-based National Cooperative Bank will be operational as branches of Cosmos Cooperative Bank Ltd. starting January 6. These customers will now receive all the latest facilities and services offered by Cosmos Bank, stated CA Milind Kale.
National Cooperative Bank has a total of 13 branches, 12 of which are in Bengaluru and one in Mysuru. As of the end of December 2024, National Cooperative Bank’s business setup amounted to Rs 1,326 crore. So far, Cosmos Bank has amalgamated 18 small cooperative banks. With this latest amalgamation, deposits totalling around Rs 792 crore have gained security. This expansion into Karnataka through the amalgamation of the Bengaluru-based bank brings Cosmos Bank’s total number of branches in the state to 17. Cosmos Bank has also absorbed all the staff of the erstwhile National Cooperative Bank.
CA Kale further stated that with the voluntary amalgamation of Cosmos Bank and National Cooperative Bank, Cosmos Bank has now amalgamated 19 small cooperative banks to date, securing the deposits of lakhs of depositors. Cosmos Bank’s financial foundation remains very strong, with a total business exceeding Rs 35,400 crore as of the end of March 2024. The bank has earned a net profit of more than Rs 350 Crore. The bank’s share capital and own funds exceed Rs 2,000 crore. With this amalgamation, Cosmos Bank now has 183 branches across seven states.
Due to intense competition, it has become increasingly difficult for small banks to sustain themselves. In this scenario, upholding the ethos of the cooperative sector, Cosmos Bank has assisted many banks, ensuring security for the depositors of cooperative banks. The bank’s Chairman Adv Pralhad Kokare, Vice Chairman CA Yashwant Kasar, Directors of the Board and Managing Director Apekshita Thipsay were present on this occasion.
