With the permission of the Reserve Bank of India, all 13 branches of Bengaluru-based National Cooperative Bank will operate as branches of Cosmos Cooperative Bank Ltd. starting January 6, 2025, says the Cosmos Cooperative Bank in a press release. Customers of National Cooperative Bank will now benefit from the latest facilities and services offered by Cosmos Bank, announced CA Milind Kale.
The National Cooperative Bank operates 13 branches—12 in Bengaluru and 1 in Mysuru. As of December 2024, the bank’s total business stood at Rs 1,326 crore. To date, Cosmos Bank has successfully amalgamated 18 smaller cooperative banks.
With this latest integration, deposits amounting to approximately Rs 792 crore from National Cooperative Bank’s depositors have been secured. The move also strengthens Cosmos Bank’s presence in Karnataka, now boasting a total of 17 branches in the state. All employees of the erstwhile National Cooperative Bank have been retained by Cosmos Bank.
CA Kale stated, “With the voluntary amalgamation of Cosmos Bank and National Cooperative Bank, our institution has now merged with 19 smaller cooperative banks. The deposits of lakhs of depositors have been safeguarded. Cosmos Bank continues to maintain a robust financial position, with a total business of more than Rs 35,400 crore as of March 2024.
The bank reported a net profit exceeding Rs 350 crore, and its share capital and own funds exceed Rs 2,000 crore. Following this amalgamation, Cosmos Bank now operates 183 branches across seven states.”
Amidst increasing competition, smaller banks face significant challenges in sustaining operations. Upholding the cooperative ethos, Cosmos Bank has provided critical support to many struggling banks, ensuring depositors’ security and stability in the sector.
Present at the occasion were the bank’s Chairman, Adv. Pralhad Kokare; Vice Chairman, CA Yashwant Kasar; Directors of the Board; and Managing Director, Mrs. Apekshita Thipsay.
