Underlining the difference between co-ops and corporates, one of the leading urban cooperative banks, Cosmos Bank has announced an additional 10% working capital credit line to all its existing borrowers for the period of 6 months from 21st March 2020.
Sharing the information, the UCB’s Chairman Milind Kale said this was done as there exists a huge stress of financial liquidity on businesses, due to the COVID-19 pandemic.
“We have also contributed to the CM and the PM Cares Fund besides undertaking several humanitarian initiatives, added Kale.
Cosmos Co-operative Bank, has contributed Rs.55 Lakh to the Prime Minister and the Chief Minister Relief Funds. The staff of Cosmos Bank have contributed their one day’s salary, and the bank management also contributed in the said relief funds.
The total amount donated is Rs.35 Lakh for the Chief Minister Relief Fund and the remaining Rs 20 Lakh for the PM Care Fund, informed Cosmos Bank’s Chairman, CA Milind Kale. This was said in a press release issued by the bank.
During the lockdown period up till now, the Bank has assisted more than 250 needy persons with food, water, clothing etc. This assistance is given near Sassoon Hospital, Corporation School no. 90, Wadarwadi, Pandavnagar & leprosy settlement Yeolewadi, said Chairman Kale.
During this crisis period, Cosmos Bank has made available all the relaxations declared by Reserve Bank of India, to its borrowers informed Kale.
It bears recall that Pune is one of the worst-hit cities by Covid 19 and business organizations find it tough to carry out their normal activities. Despite odds, Cosmos Bank which is headquartered in Pune has been working like a good Samaritan.
It was not far away in times when Cosmos Bank fell victim to an international orchestrated cyber heist, in which it lost not only money but also ran the risk of losing faith of its customers.
The team of Kale and Abhayankar not only restored the Bank’s fortune but also won back the confidence of its members- so much so that the team got re-elected for another term. “This shows members’ unflinching trust in the current team”, quipped one member.