In a written reply in the Lok Sabha, the Union Home and Cooperation Minister informed that the two digital platforms-Sahakar DigiPay and Sahakar DigiLoan-launched during the CoopKumbh by the NUCFDC, established as an Umbrella Organization (UO), have been introduced to provide RBI-mandated technical, cyber-security, onboarding, and consumer protection standards to UCBs.
The initiative aims to enable Urban Cooperative Banks, irrespective of their size, to adopt modern and compliant digital payment and lending systems through a cost-effective, shared centralized infrastructure.
Explaining the features, the Minister stated that Sahakar DigiPay – UPI Switch aims to connect Urban Cooperative Banks to the UPI network and is equipped with advanced fraud prevention and risk control mechanisms. The platform is expected to accelerate digital payments and increase competition in service pricing.
The Sahakar DigiLoan platform aims to simplify, speed up, and bring greater transparency to the loan process for Urban Cooperative Banks, helping them improve efficiency in loan disbursement and strengthen risk management.