Co-op banks must adopt technology: Nabard Chief

If state cooperative banks would not adopt the latest technology, they would not compete on the market and fail said NABARD Chairman Harsh Kumar Bhanwala while addressing a one day conference of state cooperative banks in the Nabard headquarters in Mumbai last week.

Bhanwala said the GOI is concerned about the lack of technology in the activities of co-op banks. Union Finance Minister Arun Jaitley had said in the Union Budget, the government is committed to support NABARD on computerization and integration of all 63,000 functional Primary Agriculture Credit Societies (PACS) into the Core Banking System, said NABARD Chairman in his speech.

NABARD Chairman also focused on the issues of digital banking, financial inclusion and business development of coop. banks.

Talking to this correspondent Chairman of the Telangana State Cooperative Apex Bank Kondur Ravindar Rao said ”the state chief minister K.Chandrashekahr Rao is supporting our technological modernization and granting fund for it.

We are planning to give Kisan Credit Card to farmers of the state till 1st April and Telangana’s performance is excellent in this regard, claimed Rao.

Maharashtra State Cooperative Bank President Shukadev said in the changing banking environment, the new banking system needs changes to serve the rural based customers”.

The CBS of PACs has to be so designed as to serve the rural banking business. The operations and funding for CBS will have to be outlined to promote computerization in PACs. Dr. Sukhdev said the High Power Committee set up by govt. of Maharashtra will deal with entire gamut of cooperatives and make them sustainable institutions.

The Chairmen and CEO’s of different Cooperative banks across India participated in the conference.

Besides Chairman of NABARD, Deputy Managing Director Mr H.R.Dave, AP State Cooperative Bank President Pinnamaneni Venkateshwar Rao, and others were present on the occasion

NAFSCOB Chairman Dileep Sanghani was also supposed to take part in the conference but due to some urgent work he could not make it, said Rujul Gondhilya his PA to this correspondent on the phone.

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