Union Home Minister and Minister of Cooperation Amit Shah has called for greater integration of cooperative banks through common service platforms, stronger cyber security systems and wider adoption of modern banking technology to strengthen the cooperative banking sector.
Chairing a review meeting on cooperative banking initiatives, Shah stressed the need for closer coordination among sectoral institutions and sustainable business models to drive the sector’s long-term growth.
He emphasized that technology-led transformation would be critical in improving efficiency, governance and customer services across cooperative banks.
The review noted that the National Urban Cooperative Finance and Development Corporation (NUCFDC), the umbrella organisation for Urban Cooperative Banks, is working to bring all UCBs onto a common platform and expand membership across the sector, enabling wider access to shared services, technology solutions and institutional support.
The meeting also reviewed progress of Sahakar Sarathi Private Limited (SSPL), which has already rolled out AePS and e-KYC services in select cooperative banks and aims to cover 100 banks by August 2026.
Shah urged all Rural Cooperative Banks to join SSPL and all Urban Cooperative Banks to become members of NUCFDC, highlighting the pivotal role of COBI, SSPL and NUCFDC in the sector’s future growth.