A Highway To Prosperity For Industries

Mera Desh Badal Raha hai

Aage Badh Raha hai

These lines may sound like propaganda to some. But I loved them for the line “badal raha hai” in them. There is no need to reiterate the significance of the power of CHANGE or Badal in Hindi any more. There are countless examples from all over the world, depicting how a positive attitude, coupled with the CHANGE, works miracles. The banking sector is not an exception to this. 

In 1990-91, we adopted a positive attitude towards the change, which led to the spread of globalization, liberalization and privatization all over the country. Today, we can track the signs of this change in all the major and small cities in our country. Advanced technology has transformed every field fundamentally. This can be seen everywhere, from household appliances to huge factories. 

There are so many infrastructure development projects undertaken in our country which include central and state government projects for road development, construction of railways, small scale and cottage industry, new technology-based start ups, new national and international companies in the information technology and telecommunication sector, agriculture and food processing industry, housing development etc. These are the footprints of a new and modern India. 

Financial institutions provide capital for infrastructure development. These include various institutions from the world bank to government banks, private or urban cooperative banks, financial corporations or national-international financial institutions. These banks or financial institutions, within the framework of their terms and conditions, generously provide money to create the footprints of development. 

Nearly 113 years ago, in 1906, a cooperative bank in Pune was founded. It was called Cosmos- a name so modern even today and relevant in this global village era. This modern cooperative bank that is more than 100 years old has been financing above mentioned infrastructure projects of all scales – small and large, which have contributed to the creation of a modern India. 

CA Milind Kale, chairperson Cosmos Bank, is always in search of newer methods of loan allocation with the help of modern banking technology. He has never restricted himself to only traditional loan distribution methods. He engaged with us in frank conversation. Cosmos cooperative bank ranks second in the cooperative banking sector in the country. Under Milind Kale’s leadership, the board of directors and management have upheld the policy to do away with the well-trodden path to success and search novelty while transforming their organization in tune with the changing times. 

Milind Kale further explained this policy. Central and state government is building a network of roadways in the country. There are various mega projects in the engineering, steel and textile sectors being built today. Large road construction projects which are also known as HAM projects are in the making. The central government subsidizes specific industries for technological upgrading.  Cosmos gives a helping hand to such industries eligible for financial assistance or loans as per government norms. 

At the same time, a chain of industries like agriculture and food processing industry, cottage industry, small and large household businesses through the means of women’s savings groups etc. is being built in the villages. Cosmos Bank is striving to give financial support to such companies. They have created various loan schemes with hassle-free and straightforward processing. These schemes offer nominal and competitive interest rates compared to other banks in the banking sector. These schemes benefit small scale industrialists in need of financial support. It is commonly observed that small businesses have to visit the banks for loans endlessly. But Cosmos bank stands by both small as well as big industrialists. 

Today Cosmos bank has a turnover of approximately Rs.27000 crores. It has its branches in seven states including Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Telangana, Madhya Pradesh and Tamil Nadu. Its day to day transactions are run by Finacle, an acclaimed technology in the banking sector. Quality customer service and a relationship over three generations are the plus points of Cosmos Bank. 

Millions of customers in seven states are associated with Cosmos bank. Keeping their needs in mind Cosmos has made available various loan schemes at attractive interest rates such as industrial loans for small and big industries, Cosmo mortgage loan, Cosmo SME loan, project finance, working capital, bills finance, LC discounting etc. Cosmo small business loan scheme is made exclusively for hardware, stationery, cutlery, bakery, furniture, clothing, medicine and hotel professionals. These schemes are popular among customers.  They endear a unique loan scheme called Cosmos woman loan launched to develop entrepreneurship in women. The reason for this is the discounts in the interest rates. All these schemes are prepared by taking into account the needs of the customers with careful study; hence their interest rates are competitive. Hundreds of customers choose Cosmos as their loans are sanctioned within less time and with nominal fees charged. At the end of 31 March 2019, Cosmos has distributed out of  total loans 66% loans to industry and businesses, 49% and 17% respectively.  

Along with traditional loan schemes like home loans, car loans and FD loans, Cosmos bank also extends firmly its financial support to all those small and big new ventures which contribute to the making of a new India with the spirit of the song ” Mera desh badal raha hai aage badh raha hai”. Milind Kale pointed out that while allocating these loans, we carefully scrutinize the risk factors and select reliable loanees. The banking sector is ever-transforming. We strive to give the most up to date services and facilities after studying the changes in time. Cosmos bank, with a tradition of 113 years, will stand by the young generation who rather than seeking jobs should start their own business. And we can all sing in one voice 

Mera desh badal raha hai 

Aage badh raha hai

• M/s Vintech Electronic Systems Pvt. Ltd. is a leading and well-known company in the IT products services and solution sector. It has been active in the field of laptops, desktops, server storage, networking, data centres, backup solutions, software and mobile applications for the last 15 years. It is known for its superb customer care services. While working in the computer hardware, accessories industry it is also active as dealers and franchisees of various national and international companies such as HP Inc, HP enterprises, Eurotech, CISCO, Citrix, Amazon, Microsoft and Samsung. They have been honoured with numerous awards for their remarkable performance in the last 15 years. This company, since its inception, has been associated with Cosmos bank. With Cosmos help, they have scaled the mountain of success. 
• Bhagyalakshmi Rolling mills Jalna: A leading manufacturer of construction bars in Maharashtra and other states in the country, this company is active for 15/20 years in the drought-affected district Jalna in Marathwada. With modern technology and skilled employees, it has earned itself a name in the construction bars industry. Pravin Goyal from Bhagyalaxmi spoke very happily about the company’s performance and the financial support from Cosmos bank. He said we started our business in 2004. From the very beginning, Cosmos Bank stood by us. After getting a loan from Cosmos bank for a few lakhs, we never looked back. Today our turnover is a thousand crores. We have planned to double that number in the near future. Of course, Cosmos bank is going to be with us. Our construction bars are used for roadways, dams, buildings, bridges, railways and residential establishments. We are known by our brand name Polaad. Our manufacturing plant in Jalna has the capacity of 2.5 lakh tons which we are planning to double very shortly. We have 600 employees currently 150 of whom are engineers. The entire production unit is run by a computer system. Our products reach the customers through 1500 dealers. These products are popular in the states including Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Madhya Pradesh and Rajasthan. Pravin Goyal also emphasized how Cosmos Bank has played a pivotal role in their journey so far. 
• Keetronics is a keyboards manufacturing company from Pune. It is located in Kothrud, Pune. One family consisting of Mr Rajesh Kulkarni, Mrunal Kulkarni and Sanjivani Kulkarni has worked very hard to make this company a success. Their hard work has earned them respect in the keyboard manufacturing sector. Apart from that, the company also manufactures medical equipment and fuel distribution machines. They have 170 employees. As the Kulkarni family admits, Cosmos bank has played an important role in the making of this company from the very beginning. The relationship between Cosmos and Keetronics goes back a long way. Keetronics has recently launched a product called Touchmatik, which is an electrical switch. Keetronics India Pvt Ltd is a fast-growing company. It is an expert in manufacturing PCB, PCF membrane switch, new Duraswitch and capacitive computer keyboards. Their customers belong to different parts of the world. Their products are exported to Europe, Sri Lanka, North America and the UK. Cosmos has played a significant role since the beginning of Keetronics. Cosmos has given financial aid to Keetronics for the procurement and purchase of machinery and in various projects. 
• Shrikant Badwe, MD, Badve Engineering Ltd. is the first generation entrepreneur. He had started a small manufacturing business in Aurangabad, Marathwada. This business could only produce a turnover of Rs. 1 lakh within its first year. No one would believe the fact that today this company has reached to the turnover of more than 4 thousand crores for the 2019-20 fiscal year. This underlines Shrikant Badwe’s hard work, dedication, courage and futuristic approach. Cosmos bank gave financial support to Badve Engineering from the beginning. Today he is one of the chief architects in the success of this company. Cosmos Bank always provided finance for the company’s expansion schemes. It has supported the company in 28 projects all over the country. The company’s customers include Bajaj Auto, Honda, Tata Motors, Hero, Mahindra, Royal Enfield, Ashok Leyland, JLR and LG. Badve Engineering has built their manufacturing projects close to these customers. It is to be noted that Cosmos bank has given every financial aid to Badwe engineering in developing their projects. This has strengthened the bond between Cosmos and Badwe engineering, which is mutually beneficial. The bank has never violated banking terms and conditions while assisting the company. The credit goes to bank management and employees. The company has given prime importance to customer satisfaction while creating products using various types of engineering methods to ensure quality, promptness and novelty. Therefore these esteemed customers have honoured the company with multiple awards. Badve Engineering is a frontrunner in manufacturing quality products used in the automobile industry. 

Shrikant Badwe is the brand ambassador of Make in Maharashtra. He is also a recipient of various awards from the central government. He has been complimented then President Shankar Dayal Sharma for entrepreneurship and making quality products. Then Prime Minister Man Mohan Singh also honoured him for exceptional achievement in the research and development field.

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Originally Published in Yashashwi Udyojak. Subscribe Today.