Cosmos Co-operative Bank has been granted Certificate of Registration by Insurance Regulatory and Development Authority (IRDA) to act as Approved Person (AP) of Central Insurance Repository Limited (CIRL) and National Database Management Limited (NSDL), for the Repository Business.
This enables the Bank to demat all insurance policies of public or private sector insurance companies without any extra charges for its customers. Mr. Krishnakumar Goyal, Chairman Cosmos Bank shared this information with media.
Goyal informed that Cosmos Bank has been giving the demat services to its customers since 1999 through NSDL and CDSL. Till date more than 79,000 customers are availing this facility. IRDA proposes to demat all the insurance policies by public as well as private sector insurance companies.
?As part of this process IRDA has granted permission to Cosmos Bank to demat insurance policies for its customers. Cosmos Bank is the first bank in India to be given this opportunity. This service will be given free of cost by Cosmos Bank to its current customers. Customers who open new demat account at Cosmos Bank too can avail this facility.
Goyal also informed that recently the Demat Cell of Cosmos Bank has received the ISO certification. To make this service available to customers, the new web-based system has been activated by Central Insurance Repository Ltd. (CIRL) and NSDL. He urged the customers to avail this new facility.
The fastest growing UCB Cosmos is more than Rs.25,240 crore with presence in 7 states through its 134 branches.
