Several Nafcub Directors who participated in a seminar on Financial Inclusion & Cashless Payments for UCBs and Credit Societies held recently in Delhi stressed on the need of adopting technology as they felt technology alone can transform UCBs and make them competitive vis a vis others.
As part of the 64th All India Cooperative Week celebrations NAFCUB had organized this in which about 93 delegates from various banks and credit societies of NCR and other states participated.
K. K. Sharma, Director, NAFCUB and Chairman, Citizen Urban Cooperative Bank, Jalandhar, Punjab as the Chief Guest presided over the Inaugural Session of the seminar. O. P. Sharma, Director, NAFCUB and Chairman, Haryana State Urban Cooperative Banks and Credit Societies Federation, Panipat the Guest of Honour presided over the valedictory session of the seminar.
Welcoming the guests and delegates, Chief Executive, NAFCUB Subhas Gupta said the cooperative week, each year, is celebrated to recapitulate the principles and values of the cooperative system as also to introspect about them.
In his inaugural speech, K. K. Sharma said the cooperative system is the best in the world for promoting economic growth and social harmony in society. He added we must follow cooperative principles and values in right spirit so that we can remove miseries of the poor in society. Touching on the subject matter, he said, technology is the key to the transformation of UCBs into competitive banking organizations.
In his remarks, O.P.Sharma said under the cooperative system everybody has a fair chance to grow. Sharing the experience of Panipat Urban Cooperative Bank, he said after the introduction of CBS and the digital technology there is an appreciable growth of business in the bank. He called upon all the participants to adopt digital technology for efficient customer service and utmost customer satisfaction.
Gaurav Loomba, Associate Vice President National Payment Corporation of India (NPCI) and. Sachin Bidwai, Head- Digital Payment Initiatives, Indian Financial Technology and Allied Services (IFTAS) made presentations on the advantages and importance of digital technology and various products available for digital banking.
Ajit Menon from Ashlyn Chemunnoor Instruments also made a presentation on the importance of digital technology in assessing purity of gold and gold ornaments. This he said would obviate the chances of credit risk associated with lending under the gold loan scheme.
Sanjay K. Sinha, Technical Director and Ashutosh Maurya, Scientist, Cooperative Core Banking Solution Project, from National Informatics Centre, Ministry of Electronics & Information Technology, and Government of India made a detailed presentation on the topic of digitalization and cashless payments.
Yogesh Sharma, Director, NAFCUB proposed a vote of thanks on the occasion.
