Page 21 - BANKING FINANCE APRIL 2017
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CO-OPERATIVE BANK NEWS
CO-OPERATIVE BANK
Cosmos Bank receives Model Co-op Bank bags Best Bank award in deposit
good response from its category
long-term scheme The Maharashtra Urban Co-operative Banks' Federation, Mumbai hosted the
Best Bank Award Cer-
Pune based Cosmos Co-operative emony, 2016 for urban co-
Bank received a tre-
mendous response on operative banks in
the new long term de- Maharashtra in which Model Co-operative Bank has been awarded the Best Bank
posit scheme it award in the Rs.600-1000 crore Deposits category.
launched earlier, un- Model Co-operative Bank has also been awarded with Merit Certificate for com-
derlining the power of pleting 100 years in the field of Co-operative Banking successfully.
brand once again as also the trust The UCB has total deposits of Rs.875 crores and total Advances of Rs. 465 crores
people deposit in the bank, said the with total business of Rs. 1340 crores. The Bank has a total of 21 branches which
leading UCB in a press release.
are fully CBS enabled providing customers a range of services.
The scheme aimed at securing tar-
geted deposit which had to be closed Saraswat Bank offers to help professionals &
in just six days as there was a rush of
customers, as it presented lucrative businesspersons
offer, claims the Bank. Cosmos Bank Saraswat Bank has introduced a scheme for professionals and small business
had launched Long Term Deposit enterprises which takes care of
(LTD) Scheme - 5, on 21st March, their financial requirements.
2017 with the approval of Reserve Calling it New UNNATI scheme for
Bank of India and Central Registrar finance to manufacturers, traders,
of Co-op Societies - New Delhi.
service providers and professionals
The said scheme was for a limited
the plan offers up to Rs 50 lakh term loan to them.
time period till the collection of de-
posits worth Rs. 150 crore as per the On the basis of working Capital of 20% of turnover Saraswat Bank offers Rs 50
approval of RBI. The said amount lakh to professionals and small businessmen and manufacturers. It offers up to
was collected within the record time Rs 25 lakh to small traders under this scheme. It offers a Term Loan which is 3
of 6 working days hence closing the times the net cash accruals or 80% of cost of the assets to be purchased which-
LTD Scheme from 29th March 2017. ever is less.
The tenure of this Long Term Deposit There is also 0.10% concession for woman entrepreneurs and the deadline of
was 63 months with rate of interest repayment is up to 7 years. Maximum moratorium period is for 1 year, reads its
at 8.35% p.a. release.
BANKING FINANCE | APRIL | 2017 | 21
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