Cosmos Co-operative Bank: Services and Facilities

Cosmos Cooperative India bank was started in 1906, and is one amongst the pioneers in the co-operative banking sector. Initially, it was founded as a credit society, and, off-late, it achieved the status of a multistate co-operative bank during the year 1997.

The bank’s head office is located in Pune, Maharashtra, and it has offices in almost all the current big cities in the country. In 2005, the Cosmos Co-operative India celebrated its 100th anniversary. It is also considered as a pioneer since it was the first bank ever to initiate core banking for each of its branches across the country, and the bank managed to implement deployment of core banking software named Finacle-Infosys.

Thanks to more than a 100 years of top-class service, the Cosmos Co-operative India has managed to gain immense popularity in the Indian market. It boats of 8 extensions and 96 branches all over India. Its centers are situated in the following states and cities -

• Karnataka- Bangalore, Belgaum

• In Gujarat- Surat, Baroda, Naroda, Ahmedabad, Ankaleshwar, Bhuj, Rajkot.

• In Maharashtra- Mumbai, Nagpur, Nashik, Jalna, Nipani, Pune, Aurangabad,Baramati, Kolhapur, Satara, Phaltan.

• In Andhra Pradesh- Hyderabad

• In Madhya Pradesh- Indore

Today, Cosmos Co-operative India is regarded well a reputed player in the urban banking sector. It completely owes it success to its customer-friendly services and state-of-the-art operations.

Different Banking Services

• Anywhere Banking: This service allows connecting all the branches of the bank and makes life easier for both customers and the bank. Facilities like ATMs, Instant Funds Transfer, Multi-city cheque book, electronic clearing services and NEFT/RTGS transfers make banking and managing money extremely simple.

• MSEB Bill Payment: This service is available only for the customers of Pune region. They can make MSEB bill payment through electronic debits.

• Quick Pay: This is a kind of extension of the bank’s bill payment services. It has launched Quick Pay for the customers of Pune, Ahmadabad and Mumbai, wherein the customers can pay various bills like electricity, Mobile, Insurance, ISP, Depository, Donation etc.

• Safe Vaults: Safe deposit vaults or lockers are available at all the branches and extensions of Cosmos Co-operative India. The lockers come in different sizes customers’ convenience.

• MF Services: With its association with some of the best financial companies out there, the bank offers out some of the best Mutual Fund services to their customers.

Business Loans: The bank offers all kinds of business and corporate loans covering different schemes.

There is a scheme of credit for industries that can be availed for the purchase of office space, office equipments etc. Then, the bank provides overdraft facility, through which one can avail an overdraft facility of 60% to 90% on the Term Deposits in the bank.

A maximum loan amount of Rs. 25 Lakhs can be sanctioned for a working capital. The interest rates of the all kinds of loan facilities are reasonable and very affordable.

Cosmos Co-operative India is certainly the best in the cooperative banking sector. Recently, National Payment Corporation of India acknowledged Cosmos as the best co-operative bank in the country for its praiseworthy NFS Operational Excellence.

Cards Offered

Cosmos Co-operative India offers the traditional ATM-cum-debit cards to its customers, but the bank was not offering any credit cards for quite some time. However, looking at the current demand in the market, they have launched four new credit cards – the Rate, Platinum Fixed Rate, Think Credit Card and Clear Credit cards, completing their services in style.

Revenue Analysis in 2011

The financial statement of the year 2011 revealed that the net operating revenues of the bank saw an increase of 10.77%, which was an avalanche from Rs. 805.01 tens of millions to a massive Rs. 891.7 tens of millions. The net results of the total period showed an excellent increase of 135.77% which helped the figure escalate to Rs. 111.19 tens of million from Rs. 46.16 tens of millions.

The bank witnessed profit in almost every other banking service. The profits of Return on Asset reached 1.00% from 0.54%, Return on equity reached 7.47% from 5.05%, and the grand profit reached 12.47% from a mere 5.86%. All these figures of 2011 are in comparison to the figures in 2010.