With the permission of Reserve Bank, all seven Mumbai branches of Maratha Sahakari Bank are operational for service as branches of The Cosmos Cooperative Bank Ltd., from today. These customers will now receive all the latest facilities and services of Cosmos Bank, stated Bank’s Chairman, CA Milind Kale.
Explaining in detail about the merger, CA Kale informed that as per new guidelines of the Reserve Bank under 35 AI-D, this is merger of the first bank which was under restrictions imposed by RBI amongst many other banks. With this merger the deposits of Rs. 84 Crore belonging to depositors has gained security and Bank has taken responsibility of Rs. 112 Crore which is paid by DICGC to depositors having deposits under Rs. 5 Lakh. The most important thing is that even though Bank had negative net worth all deposits of investors are secured. Bank has absorbed all the staff of erstwhile Maratha Sahakari Bank. He reiterated that this is a trend-setting example in the cooperative banking sector.
CA Kale further informed that with the voluntary merger of Maratha Sahakari Bank, we have merged 17 small banks up till now. Lakhs of depositors’ deposits have been secured. Bank’s financial foundation is very strong having total business of Rs. 30,700 Crore at the end of March 2023. Bank has earned net profit of Rs. 151 Crore. Bank’s Share Capital and Own Funds are more than Rs. 2000 Crore. Due to severe competition, it has become difficult for small banks to sustain. In this scenario, upholding the ethos of cooperative sector, Cosmos Bank has assisted many banks. With this merger Cosmos Bank now has 40 branches in Mumbai while it has 159 branches in 7 states across India. CA Kale appealed to the account holders of erstwhile Maratha Sahakari Bank to restart banking operations of all their accounts. A small function was arranged at erstwhile Maratha Sahakari Bank’s Mumbai Head Office located in Andheri East. All the Directors of erstwhile Maratha Sahakari Bank, Cosmos Bank’s Vice Chairman- Mr. Praveenkumar Gandhi, all Directors and Managing Director, Mrs. Apekshita Thipsay were present on this occasion.
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