In a significant step towards digitizing Self Help Group (SHG) banking transactions, NABARD Kerala Region Chief General Manager Baiju N Kurup inaugurated the Proof of Concept (PoC) for the ‘Money Purse App’ at the Kerala State Cooperative Bank (Kerala Bank) headquarters in Thiruvananthapuram.
The initiative is backed by NABARD and marks Kerala Bank as the first in the state to implement the app.
A Proof of Concept (PoC) is a pilot initiative to assess the feasibility, functionality, and scalability of a solution.
Speaking at the event, Baiju N Kurup emphasized that once Kerala Bank scales up the app’s usage, it would significantly impact the volume of SHG business handled by the bank. He urged the institution to focus on expanding its SHG outreach and operations.
NABARD Kerala Region CGM-designate Nagesh Kumar Anumala attended the event as chief guest. He lauded Kerala Bank for taking on the crucial task of SHG digitalisation and expressed confidence that leveraging technology through tools like the Money Purse App would enable the bank to deliver more efficient and inclusive services to SHGs.
Initially, the app will be rolled out for SHGs affiliated with Kerala Bank.
Also present on the occasion were Kerala Bank President Gopi Kottamurickal, CEO Jorty M Chacko, CGMs Roy Abraham and A.R. Rajesh, NABARD DGM Rajesh S, and Assistant Manager Anudeep M.