National Bank for Agriculture and Rural Development (NABARD) inked Memorandums of Understanding (MoUs) with a few cooperative banks here to provide technical assistance for the launch of core banking solutions (CBS).
The MoUs were signed between NABARD and Gujarat State Cooperative Bank and nine district central cooperative banks from Vadodara, Bharuch, Bhavnagar, Ahmedabad, Sabarkantha, Rajkot, Surendranagar, Jamnagar and Kodinar. The national bank would be assisting the cooperative banks in vendor selection for launch of CBS.
It will ensure that their interest is protected, and assist them on various other technical features like application of software, maintenance of data centre, etc, an official statement said. The implementation of CBS is expected to get completed within one year.
Readers may be aware that NAFCUB, the apex body of cooperative banks and Saraswat Bank, the leading cooperative bank has also enlisted many cooperative banks for helping them to go CBS.