PUNE: Cosmos has become, my popular vote, an unbankable bank. In its latest annual general meeting the members of the bank asked the board of directors to resign with immediate effect. The 112th meeting was held in the presence of the President Milind Kale who has admitted that loan recovery has failed.
The hackers lost 9 crore by robbing the bank which incurred the bank a total loss of 65 lakh. There was demand for the disclosure of the debt defaulters. One of the members from Baramati also shared that while the staff is hungry the bank is giving out vehicle loans worth 75 lakh to a waiter.
The bank has recorded a total debt of 14 thousand crore while having lent debt of 10 thousand crores. The bank’s subsidiary loan is Rs. 1100 crores. The Cosmos Tower in Ganeshkhind has been built by the bank’s 122 crore profits.
The bank has refused to acknowledge that the recent hacking has caused it major damage. They are issuing statements to cover up their losses. They are using their account holders money to recover from their losses which were mistakes made my the Mr Kale and his incompetent management team. The bank has not taken any action in making their banking systems safe and hack-proof. They are still commenting on how the money is safe but they are not discussing the main issue of the future of the account holders and their trust.
Not only has the bank lost the trust of its major investors but also the confidence of the board. The extend of the displeasure has spread among the members of the board and the bank. They re joining hands to ensure that the board resigns and there are new brains running the bank. The age old tradition of being run by ancient thought leaders is hopefully coming to an end. The bank will still take a long time to learn their lesson in employing young minds that will benefit the users and investors alike.