Pune: Cosmos Bank has successfully merged with 19 smaller co-operative banks, with the merger of The National Co-operative Bank, Bangalore, being the largest in this sector. This has increased Cosmos Bank's branch network to 183 and its total business volume to over ₹36,500 crore, announced CA Milind Kale, Chairman of the Bank’s Management Board, at a press conference.
The National Co-operative Bank had 13 branches—12 in Bangalore and one in Mysore—and a total business volume of ₹1,326 crore before the merger. The merger has been carried out under the guidelines of the Reserve Bank of India (RBI) to safeguard the interests of thousands of depositors.
119th Anniversary Celebration
Cosmos Bank is set to celebrate its 119th foundation day on January 18, 2025. During the announcement, CA Kale emphasized the bank’s commitment to maintaining depositor trust and driving its mission to serve the common man through an efficient banking structure.
Unopposed Election of Board Members
The election for the Board of Directors for the term 2024-25 to 2029-30 was conducted unopposed. Adv. Pralhad Kokare was unanimously elected as the Chairman, and CA Yashwant Kasar was elected as the Vice Chairman of the board.
New Management Board Structure
Given the bank's expanding operations, the Board of Directors has restructured the Management Board. CA Milind Kale has been appointed as the Chairman of the Management Board. He highlighted that all members of the Management Board are experts in various fields, which will significantly benefit the implementation of the bank's goals and policies.
Key Board Members
The Director Board members include Rasika Gupta, CA Surekha Joshi, Praveenkumar Gandhi, Ajit Gijre, CA Santhanam Subramaniam, Ghanshyam Amin, Sachin Apte, Arvind Taware, Balasaheb Sathe, Anushree Malgaonkar, and Rekha Pokle.
The Management Board members include CA Jayant Barve, Adv. Anuradha Gadale, Adv. Mukeshkumar Shah, Gajanan Godbole, Sanjeev Khadke, Sunita Bhor, Sushilkumar Somani, Nitin Patwardhan, Dr. Achyutha Joyce, Adv. Ajay Suryavanshi, and Vijay Kulkarni.
Call for Tax Exemption
Addressing the press, CA Milind Kale appealed to the Central Government to exempt co-operative banks from income tax in the upcoming budget, emphasizing their role in empowering the co-operative movement and serving the common man with social responsibility.
