Mumbai: In
a significant push towards technology-led transformation, cyber resilience and
institutional capacity-building in India's Urban Cooperative Banking (UCB) sector,
Hon'ble Union Minister for Home Affairs and Cooperation, Shri Amit Shah,
outlined the roadmap for strengthening the UCB sector and launched a suite of
digital and institutional initiatives of the National Urban Cooperative Finance
and Development Corporation Limited (NUCFDC), the Umbrella Organisation for
Urban Cooperative Banks (UCBs), at the BSE International Convention Centre in
Mumbai.
The initiatives announced included Bank in a Box, an
integrated managed technology platform designed to provide UCBs with end-to-end
banking technology infrastructure; a strategic partnership with the National
Forensic Sciences University (NFSU) to strengthen cybersecurity and cyber
resilience across the sector; and the felicitation of six UCBs as
early adopters of Sahakar CBS, NUCFDC's Core Banking Solution for Urban
Cooperative Banks. The programme also witnessed the launch of "Operational
Risk Management and Resilience", a practical handbook for UCBs
authored by Shri G. P. Mistri, former Deputy General Manager of Reserve Bank of
India and former General Manager of Vijay Co-operative Bank and Ahmedabad
Mercantile Co-operative Bank. Shri Amit Shah also inaugurated NUCFDC’s new
office in Mumbai, marking an important milestone in the organisation’s
institutional journey. NUCFDC has decided to shift its Registered Office
from Delhi to Mumbai, positioning the city as a key base for its engagement
with Urban Cooperative Banks, cooperative institutions, policymakers,
technology partners and other stakeholders. The Mumbai office will
strengthen NUCFDC’s ability to work closely with the sector, support member
banks and drive coordinated, sector-wide initiatives.
The programme also brought together Chief Minister of
Maharashtra Shri Devendra Fadnavis, Shri Ashish Kumar Bhutani, IAS,
Secretary, Ministry of Cooperation, senior officials from the Ministry of
Cooperation, Chairpersons, Directors and shareholders of Urban Cooperative
Banks from across the country, representatives of State Cooperative Federations
and District Cooperative Banks, policymakers, regulators, technology partners
and other key stakeholders. It featured a welcome address by Shri Jyotindra M.
Mehta, Chairman, NUCFDC, followed by the screening of the NUCFDC corporate
film, which showcased the organisation's vision of building a
technology-enabled, secure and future-ready Urban Cooperative Banking sector.
Addressing the gathering, Hon'ble Union Minister for Home Affairs
and Cooperation, Shri Amit Shah, said: “NUCFDC
will give a new lease of life to urban cooperative banks by making their
banking services modern, transparent and reliable. Through technology, digital
banking, cyber security, digital forensics and AI-based solutions such as
MuleHunter for identifying fraudulent and mule accounts, NUCFDC will enable
even smaller banks to access advanced banking capabilities at an affordable
cost. This will strengthen the security of the banking system, enhance the
confidence of depositors and prepare urban cooperative banks to compete on a
stronger footing. If we want to make every Indian prosperous and realise the
vision of a Viksit Bharat by 2047, urban cooperative banking has a very
important role to play.”
Speaking on NUCFDC's role in strengthening the Urban Cooperative
Banking sector, Shri Jyotindra M. Mehta, Chairman, NUCFDC, said: ““Urban
Cooperative Banks have a strong grassroots presence and play a vital role in
supporting communities, entrepreneurs and local economies. As India moves
towards a more technology-driven and inclusive financial system, it is
important that UCBs are equipped to grow, innovate, and serve their customers
with greater efficiency and confidence. NUCFDC has an important role in
bringing the sector together, creating economies of scale, and enabling UCBs to
access modern capabilities that can strengthen their institutions and expand
their contribution to the economy. We see this transformation as an important
part of the Government's vision of ‘Sahakar Se Samriddhi’ and the larger goal
of building a ‘Viksit Bharat’, with a strong, modern and inclusive cooperative
banking sector playing its part in India's growth journey.”
Elaborating on NUCFDC's implementation roadmap and the initiatives
launched at the programme, Shri Prabhat Chaturvedi, CEO, NUCFDC, added: "The
initiatives launched today represent important building blocks in NUCFDC's
roadmap to enable UCBs to adopt modern technology and strengthen their
operational and cyber resilience. Bank in a Box brings core banking, digital
channels, payments, infrastructure and technology support together through a
single managed platform, while our partnership with NFSU will provide UCBs
access to specialised cybersecurity capabilities through a shared-services
model. The adoption of Sahakar CBS by the first six UCBs is another important
step towards greater technology standardisation across the sector. NUCFDC has
also decided to shift its Registered Office from Delhi to Mumbai, reinforcing
its closer engagement with the country's urban cooperative banking ecosystem. Collectively,
these initiatives will help simplify technology adoption, improve cost
efficiency and strengthen operational and cyber resilience, enabling UCBs of
all sizes to meet evolving regulatory requirements and deliver secure, seamless
and customer-centric banking services."