Cosmos Bank

The Cosmos Co-operative Bank Ltd. (Cosmos Bank), established in 1906, is one of the oldest Urban Co-operative Banks in India. Cosmos Bank celebrated its centenary on 18 January 2006. It is one of the first co-operative banks in the country to implement Core Banking System (CBS) across the entire network of its then 140 service outlets using Finacle-Infosys Core Banking Software. It also received an authorized dealer (AD) license from the Reserve Bank of India to become the third co-operative bank in India to have such a license in thirty years.

Cosmos Bank
co operative bank
IndustryBanking
Financial services
Founded1906
FounderN.C. Kelkar
HeadquartersPune, India
ProductsCommercial Banking
Retail Banking
Private Banking
Revenue ₹120,000.0 million (US$1.7 billion) (2013)
₹553.2 million (US$7.8 million) (2013)
Number of employees
2,800+ (2014)
WebsiteOfficial Website 0030510154291

The bank is headquartered in Pune in its Corporate Office - Cosmos Tower near on Ganeshkhind Road, Shivajinagar, Pune. This Bank is managed by executives and this executive team is led by the Managing Director. The Bank has Board of Directors.

This bank was founded on January 18, 1906 in Pune by Krishnaji Sadashiv Gore and Shankar Hari Barve. The first Chairman of the Cosmos Bank was Sahitya Samrat N.C. Kelkar alias Tatyasaheb Kelkar. On December 1, 1990, Cosmos Bank received the Scheduled status and within a short span of just 7 years, on November 28, 1997 the Bank was awarded the 'Multi-State' status. The Cosmos Bank is operative in 7 States of India, viz., Maharashtra, Gujarat, Madhya Pradesh, Karnataka, Andhra Pradesh, Telangana and Tamil Nadu through its 140 branches. Bank has more than 2 Millions customers and 79,000 shareholders.

Cosmos Bank is the first bank in co-operative sector to be granted permission to operate a Currency Chest. Cosmos Bank has a Currency Chest in Pune, offering services to other bank in Pune.

History

On 2018 August 11 and 13, a group of international hackers broke into the servers of the Bank. “Approximately Rs 78 crore was withdrawn through various ATMs located in 28 countries through 12,000 VISA transactions” and “another Rs 2.5 crore was withdrawn through 2,800 debit card transactions at various locations in India”. They hacked the switch which is operative for the payment gateway of VISA/Rupay Debit card and not on the core banking system of the bank, so the customers’ accounts were not affected.[1]

Branches

Cosmos Bank has in total 5 regional offices with 140 service outlets in India. These are spread across 7 states and in 39 major Indian cities. Those are as follows:

See also

References
  1. https://www.dailypioneer.com/todays-newspaper/cosmos-cooperative-bank-loses-rs-94-cr-in-cyber-heist.html Cosmos Cooperative Bank loses Rs 94 cr in cyber heist, Wednesday, 15 August 2018, The pionneer


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