Addressing the Second Regional Conference on Cooperative Reforms in Aizawl, Secretary, Ministry of Cooperation, Government of India, Dr. Ashish Kumar Bhutani, announced a major technology-driven reform initiative aimed at modernizing India’s urban cooperative banking sector.
Highlighting cooperative banking reforms as a key focus area, Dr. Bhutani said the government is working towards creating a common technology platform for nearly 1,500 urban cooperative banks across the country.
He noted that most urban cooperative banks currently procure technology services independently, leading to duplication of systems, higher operational costs and fragmented banking infrastructure.
The proposed integrated technology framework, he said, would help urban cooperative banks improve efficiency, reduce costs and offer modern banking services on par with larger financial institutions. The initiative is also expected to enhance customer confidence and strengthen the overall cooperative banking ecosystem.
Urging urban cooperative banks to actively participate in the modernization drive, Dr. Bhutani said financial structuring support is being facilitated through National Cooperative Development Corporation along with assistance from state and central agencies.
He also assured North-Eastern states of full support from the Ministry of Cooperation, including manpower and financial assistance, for strengthening state cooperative banks and improving implementation under various cooperative schemes.