Union Home and Cooperation Minister Amit Shah announced that the Cooperative Banks of India (COBI) will soon establish a national-level clearing system for cooperative banks.
This initiative aims to enhance efficiency, streamline transactions, and provide seamless banking services to cooperative banks across the country.
Shah emphasized that this move will strengthen the cooperative banking sector, ensuring that cooperative banks can function on par with commercial banks in terms of financial transactions and digital banking services.
The Cooperative Banks of India (COBI), chaired by ADC Bank Chairman Ajay Patel, will spearhead this initiative, marking a significant step towards modernizing and empowering the cooperative banking ecosystem in India.
With this development, cooperative banks will gain greater financial autonomy, making banking services more accessible, transparent, and technologically advanced for millions of customers associated with the cooperative sector.