- With the Reserve Bank’s approval, all thirteen branches of the Bengaluru-based National Cooperative Bank will officially operate as branches of Cosmos Cooperative Bank Ltd.
- Customers will now have access to the latest facilities and services provided by Cosmos Bank.
- National Cooperative Bank consists of 13 branches, with 12 located in Bengaluru and one in Mysuru.
- By the end of December 2024, the bank’s business setup reached Rs 1,326 crore.
- To date, Cosmos Bank has merged with 18 smaller cooperative banks.
With the Reserve Bank’s approval, all thirteen branches of the Bengaluru-based National Cooperative Bank will officially operate as branches of Cosmos Cooperative Bank Ltd. starting January 6. Customers will now have access to the latest facilities and services provided by Cosmos Bank.
National Cooperative Bank consists of 13 branches, with 12 located in Bengaluru and one in Mysuru. By the end of December 2024, the bank’s business setup reached Rs 1,326 crore. To date, Cosmos Bank has merged with 18 smaller cooperative banks. This latest merger secures deposits totaling approximately Rs 792 crore. With this expansion into Karnataka, Cosmos Bank’s branch count in the state rises to 17. Additionally, all staff from the former National Cooperative Bank have been integrated into Cosmos Bank.
with the voluntary merger of Cosmos Bank and National Cooperative Bank, the total number of small cooperative banks amalgamated by Cosmos Bank has now reached 19, safeguarding the deposits of countless depositors. As of the end of March 2024, Cosmos Bank’s financial foundation remains robust, with total business exceeding Rs 35,400 crore and a net profit surpassing Rs 350 crore. The bank’s share capital and own funds are over Rs 2,000 crore. Following this merger, Cosmos Bank now operates 183 branches across seven states.
In light of fierce competition, small banks are finding it increasingly challenging to remain viable. In this context, while maintaining the cooperative sector’s principles, Cosmos Bank has supported numerous banks, ensuring the safety of cooperative bank depositors.