To deal with this historical decision on demonetization of currency as declared by Prime Minister, the Cosmos Co-operative Bank has readied itself by making available various extra services to the public, informed Cosmos Bank’s Chairman , CA Milind Kale.
Cosmos Bank has extended its cash counter timings specifically for exchange of demonetized currency. The Bank has made available separate cash counters for this exchange service for any depositor. Express counter has been created at specific branches wherein cash above Rs.25 lac can be deposited by the existing clients of the Bank.
While exchanging the demonetized legal tender, a declaration form needs to be duly filled up and signed by depositor with details of the currency. The depositor also needs to submit self-attested id proof.
Earlier, the Government of India, in its unprecedented step to curb black economy, money laundering and corruption has demonetised the legal tender of Rs.500 & Rs.1000 from zero hours of November 9th, 2016.
This has made it mandatory for public having currency of Rs.500 & Rs.1000 to exchange it at Post-offices and Banks from all sectors.
Chairman Kale also informed that Cosmos Bank has its own Currency Chest in Pune, wherein cash is held for Reserve Bank of India which supplies currency to branches/banks. Cosmos Bank’s Currency Chest will make the currency exchange process more efficient at this crucial time.
Cosmos Bank is holding currency of Rs.20 crore in denomination of new notes of Rs.2000/- and Rs.20 crore in denomination of Rs.100/-. With Currency Chest facility, Cosmos Bank is in real terms “Bank in cash needs” to its valued customers, informed Kale.
Chairman Kale has requested depositors to approach the nearest Cosmos Bank for further details. Cosmos Bank is one of the leading co-operative banks with 140 branches in 7 states providing proficient service to more than 20 lac satisfied customers.