Goyal informed that Cosmos Bank had received the License to engage in Foreign Exchange transaction since 2007. This License was renewed by RBI from time to time. Through a recent letter, RBI has informed that Cosmos Bank has been granted permanent AD-CAT-I License for Forex business. This is a proud moment for Cosmos Bank.
Goyal stated that, during the financial year 2013-2014, the Forex turnover of Cosmos Bank was Rs. 11,648 crore and the Bank earned income of Rs.30 crore from this business. Presently, all forex transactions are carried out at designated branches of Cosmos Bank in Pune, Mumbai, Aurangabad, Ahmedabad and Hyderabad.
At present the set-up of Cosmos Bank is more than Rs.25,300 crore with 134 branches in 7 States. The urban cooperative bank is also one of the fastest growing UCBs in the country.