Shree Sharada Sahakari Bank, which is financially a sound bank, has amalgamated into The Cosmos Cooperative Bank Ltd., the second leading urban cooperative banks in India after Saraswat Bank.
This merger increases the count of Cosmos Bank’s branches to 152. With this amalgamation Cosmos Bank has merged into itself, totaling 16 banks up till now.
Shri Sharada Sahakari Bank chose the path of this amalgamation so that its customers can avail all up-to-date services of Cosmos Bank like net banking, mobile banking, WhatsApp banking etc., through its 8 branches at Pune Satara Road, Pashan, Sadashiv Peth, Shaniwar Peth, Bibwewadi, Sinhagad Road, Katraj-Kondhwa & Fursungi.
Cosmos Bank has branches in 7 states and customers of Sharada Bank will be able to conduct various banking transactions through all these branches of the Bank.
In a press release the RBI stated “The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Shree Sharada Sahakari Bank Ltd, Pune (Maharashtra) with The Cosmos Co-operative Bank Ltd., Pune (Maharashtra).”
It further read “The Scheme will come into force with effect from October 30, 2022. All the branches of Shree Sharada Sahakari Bank Ltd, Pune (Maharashtra) will function as branches of The Cosmos Co-operative Bank Ltd., Pune (Maharashtra) with effect from October 30, 2022.”
Speaking on the benefits of the merger, the bank’s Managing Director, Mrs. Apekshita Thipsay said “Sharada Sahakari Bank’s account-holders can perform all banking transactions from any of our branches in 7 states. Our loan products are designed taking into consideration the business requirements of entrepreneurs.”
She further added that the interest rates of various loans are quite reasonable. I am confident that all these facilities will be beneficial for customers of Sharada Sahakari Bank.
Vice Chairman, Sachin Apte stated that, Sharada Bank is getting amalgamated with Cosmos Bank which has up-to-date technology and banking experience of 116 years. A total of 16 banks are amalgamated with Cosmos Bank up till now. Cosmos Bank’s emphasis will be on providing speedy, latest and secure services to the customers, depositors and borrowers of Sharada Bank.
Cosmos Bank’s Chairman CA Milind Kale informed on the telephone that the business set-up of Shree Sharada Sahakari Bank is around Rs. 533 Crore. Mr. Kale stated that in the near future, the Bank will be concentrating on disbursement of retail loans and effective recovery along with emphasis on promoting digital banking.