In a significant move to strengthen digital governance and financial security in the cooperative banking sector, Ashish Kumar Bhutani, Secretary Cooperation chaired a high-level review meeting on Tuesday at Atal Akshay Urja Bhawan.
The meeting focused on accelerating API integration of cooperative banks with the NCRP-CFCFRMS platform and onboarding them onto the AI-driven fraud detection system, MuleHunter.AI.
The initiative aims to bolster digital infrastructure, enhance fraud risk monitoring, and ensure seamless data integration across cooperative institutions. Officials stressed that robust digital systems are essential to improve operational efficiency, transparency, and trust in cooperative banking, particularly at a time when cyber threats and financial frauds are on the rise.
Senior representatives from key institutions participated in the meeting, including officials from the Ministry of Cooperation, Reserve Bank of India, National Bank for Agriculture and Rural Development, State Bank of India, and the Indian Cyber Crime Coordination Centre.
Key stakeholders such as Sahakar Sarathi Pvt. Ltd. and NUCFDC also joined deliberations, underlining the collaborative approach being adopted.
Discussions highlighted the importance of real-time data sharing, early fraud detection, and coordinated regulatory oversight. The MuleHunter.AI platform is expected to play a pivotal role in identifying suspicious transactions and curbing mule account activities, thereby safeguarding depositors’ interests.
Officials emphasised that integrating cooperative banks into advanced fintech ecosystems will help bridge technological gaps and align them with mainstream banking standards. The move is also expected to support the broader vision of “Sahkar Se Samriddhi” by empowering cooperatives with secure and modern digital tools.
The meeting concluded with a call for time-bound implementation and closer coordination among stakeholders to ensure that cooperative banks are equipped to tackle emerging financial risks while delivering efficient and transparent services to their members.
