Welcoming the proposal of Union Ministry of Cooperation Secretary Dr. Ashish Kumar Bhutani for a common technology platform for urban cooperative banks (UCBs), National Federation of Urban Cooperative Banks and Credit Societies Ltd. President Laxmi Das said the initiative would mark a significant step towards strengthening the country’s cooperative banking sector.
Reacting to the announcement, Laxmi Das said the proposal would particularly benefit Tier-1 and Tier-2 UCBs, many of which struggle to afford advanced banking technology due to high operational costs.
He noted that the availability of a limited pool of approved technology vendors under a common platform would help banks access reliable services at reasonable rates while ensuring greater efficiency, uniformity and standardization in banking operations.
Das further stated that the move would reduce duplication of systems, strengthen customer confidence and enable smaller cooperative banks to offer modern digital banking services on par with larger financial institutions.
It may be recalled that while addressing the Second Regional Conference on Cooperative Reforms in Aizawl, Dr. Bhutani had announced that the government is working on a common technology platform for nearly 1,500 urban cooperative banks across the country.
