The Reserve Bank of India (RBI) has granted approval to Kokan Mercantile Co-operative Bank Ltd. for direct participation in the country’s Centralised Payment Systems, paving the way for the bank to offer RTGS and NEFT services directly to its customers.
As part of the approval, the bank has been allotted the unique primary number KMCB0000001, marking a significant milestone in its efforts to strengthen digital banking infrastructure and expand customer services.
Announcing the achievement, the bank’s management expressed gratitude to the Chairman, Board of Directors, Managing Director (MD), Deputy General Managers, Assistant General Managers and all staff members for their hard work and dedication, describing the approval as the outcome of collective efforts and teamwork.
The bank also congratulated its Board members, employees and stakeholders on this important achievement.
However, customers will have to wait a few more months for the launch of direct RTGS and NEFT services. The bank will first complete the necessary documentation and preparations, including the development and upgradation of its IT infrastructure, before commencing the services.
