On 14/03/2013, Cosmos Co-operative
Bank has joined the Immediate Payment Service (IMPS) Network. On the same day,
the bank has gone live with MMID and Account Number/IFS Code IMPS sub-products.
This will enable Cosmos Bank customers
to enjoy double benefits of IMPS, as two new payment modes have been activated
on a single day.
Cosmos Bank
operates through 110 branches and 9 Extension Counters in India spread across 6
States and in 28 Major Cities.
The bank was founded in 1906 in Pune by
India's famous Freedom fighter, Lokmanya Bal Gangadhar Tilak. He allocated the
bank's managing responsibility to his friend, Namdar (Solicitor) Gokhale, an
economist and freedom fighter. During that period, the British- East India
Company had their own banks in India. Following the ideals of
"Swarajya" and "Swadeshi", Lokmanya Tilak thought of
starting this bank so that Indians could save money. Tilak himself recommended
the name "COSMOS BANK". The word "COSMOS" means
"UNIVERSE" and also a "FLOWER".
It also received an Authorised Dealer
License from the Reserve Bank of India to become the third co-operative bank in
India to acquire such a license in thirty years. The bank is headquartered in
Pune.
