In a landmark collaboration between the co-operative and fintech sectors, Cosmos Co-operative Bank and Umunthu System Pvt. Ltd. have launched Cosmo Galgal, India’s first youth-focused digital banking app introduced by a co-operative bank. The launch marks a new phase in co-operative banking, blending legacy trust with next-generation digital innovation.
Designed specifically for Gen Z and millennials, Cosmo Galgal promises a fully digital, paperless experience. With a secure video KYC, users can open zero-balance savings accounts in under 15 minutes without visiting a branch. It integrates banking services, fund transfers, deposits, fixed deposits, and statements, within one sleek platform. The app is fully UPI-enabled, allowing users to link any UPI app and manage their Cosmos Bank account seamlessly.
A standout feature of Galgal is the TrendZ dashboard, which auto-categorizes spending and provides real-time insights into expenses. The app’s auto-budgeting tool helps users plan better by classifying their spending into essentials, savings, and discretionary outlays. Virtual debit cards are issued instantly, while users can also request physical RuPay Platinum cards that offer exclusive rewards and privileges.
Understanding India’s linguistic diversity, Galgal supports English, Hindi, Marathi, and Gujarati, with more regional languages to follow. This ensures accessibility for a wider audience and positions the app as a truly inclusive digital banking solution.
Umunthu’s Chief Marketing Officer, Darshan Desai, described Galgal as a tool to empower young Indians with clarity and control over their finances. “It’s not just a banking app, it’s a financial companion for the digital age,” he said. Arti Dhole, Joint Managing Director of Cosmos Bank, termed it a milestone in the bank’s digital transformation journey, emphasizing its blend of secure technology and customer-centric design.
Umunthu CEO Harsh Chhatrapati added that over 1,500 co-operative banks across India now face a digital crossroads, and *Galgal* offers a model of modernization without losing the co-operative spirit. Arun Iyer, Co-founder and Chief Product Officer at Umunthu, noted that every element, from user experience to compliance, has been meticulously engineered.
With 119 years of service and over 20 lakh customers across seven states, Cosmos Bank has long been a pioneer in ethical and customer-centric co-operative banking. The launch of Cosmo Galgal extends that legacy into the digital era, symbolizing how technology can reinvigorate trust-based institutions to meet the needs of India’s young, connected population.
The partnership between Cosmos Bank and Umunthu System marks a defining moment, ushering in a new chapter where co-operative banking meets fintech innovation.