After showing a good performance in the Financial Year 2023-24, Cosmos Co-operative Bank has announced a bonus of 1-month salary to its employees. As per the reports, 2800 employees of this bank will be benefitted from the bonus. Reportedly, Cosmos Bank did business worth Rs 35,408 crore till March 31, which is 15.16 per cent more than what they did in 2023. Bank deposits have increased by Rs 2,587 crore to Rs 20,216 crore. The advances of the bank were at Rs 15,192 crores, higher by Rs 2.075 crore. As per the reports, Cosmos Bank posted a net profit of Rs 384 crore during the year against Rs 181 crore.
In an interview with the Times of India, the chairman of Cosmos Bank, Milind Kale said, “When the cyberattack was discovered at the bank five to six years ago, the employees’ morale had taken a hit. But despite that the employees held the operations of the bank together.” Milind added that the bank has come out of the difficult situation and in recognition of the efforts of these employees, the bank’s board has decided to give bonuses.
Cosmos Bank Cyberattack Case
For those who don’t know, the Pune-headquartered Cosmos Bank, one of the oldest cooperative banks in the country, lost a massive Rs 94 crore to cybercriminals in just three days in August 2018. As per the reports, a probe by the Pune city police revealed it was a “malware attack”. In this attack, several cloned debit cards of Cosmos Bank were used for thousands of ATM transactions from India and 28 other countries in seven hours on August 11, 2018. A court in Maharashtra’s Pune convicted 11 people in this fraud case.
The judicial magistrate (first class) sentenced nine of the accused to four years imprisonment. He sentenced the two others to three years in jail and imposed a fine on them as well. The accused were convicted of charges under relevant provisions of the Indian Penal Code and the Information Technology Act, he said.
History
Cosmos Bank was established in 1906 by Krishnaji Sadashiv Gore and Shankar Hari Barve.
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