New Delhi, June 18: Union Home and Cooperation Minister Amit Shah chaired review meetings in New Delhi focused on national cooperative initiatives. These initiatives aim to strengthen the cooperative banking system, promote organic products through cooperative societies, and expand the global reach of cooperative products via exports.
Present at the meetings were Minister of State for Cooperation Krishna Pal Gurjar, Secretary of the Cooperation Ministry Dr. Ashish Kumar Bhutani, NABARD Chairman Shaji K.V., senior officials from the ministry, and representatives from key cooperative institutions including the proposed Cooperative Bank of India (COBI), Sahakar Sarthi Private Limited (SSPL), National Urban Cooperative Finance and Development Corporation (NUCFDC), National Cooperative Organics Limited (NCOL), and National Cooperative Exports Limited (NCEL).
During the review of major cooperative banking initiatives, Amit Shah inquired about the progress of various measures aimed at strengthening the cooperative banking sector through technology adoption, improved administration, cybersecurity, digital payments, shared service platforms, and enhanced service delivery. There was also an in-depth discussion on the proposed Cooperative Bank of India and its future role in supporting the cooperative banking sector.
The progress of technology-based initiatives by Sahakar Sarthi for cooperative banks was also reviewed. The meeting noted an encouraging response from cooperative banks regarding shared digital platforms and services. Special emphasis was placed on the widespread adoption of indigenous technological solutions and strengthening the digital infrastructure in urban and rural cooperative banks.
The meeting also reviewed the progress of the dedicated banking domain initiative, bank.in, for cooperative banks. Discussions were held on ongoing efforts to promote the extensive use of technology-based services and digital solutions in the cooperative banking sector.
Additionally, the meeting acknowledged the initiative to connect Mulehunter AI with the Indian Cyber Crime Coordination Centre (I4C) to enhance fraud risk management and cybersecurity capabilities in cooperative banks. This initiative is expected to strengthen the preparedness of cooperative banks against emerging digital threats and boost confidence in digital cooperative banking services.
Amit Shah emphasized the need to enhance collaboration among regional institutions and increase the participation of cooperative banks in the shared service platform. He also highlighted the importance of a robust cybersecurity framework, modern banking technologies, and sustainable business models for the cooperative banking sector.
The meeting revealed that NUCFDC, the umbrella organization for urban cooperative banks, is actively working to expand its membership base to bring all urban cooperative banks onto a shared platform, thereby improving access to shared services, technological solutions, and institutional support.
It was also reported that SSPL has launched Aadhaar Enabled Payment System (AEPS) services, and electronic KYC (e-KYC) is already operational in select cooperative banks. Expansion is ongoing in some states, with a target to cover 100 cooperative banks by August 2026. This initiative has significantly reduced the cost of digital banking services for cooperative banks.
Home Minister Shah stated that all rural cooperative banks should become members of Sahakar Sarthi Private Limited, and all urban cooperative banks should join NUCFDC and utilize their services. He underscored the crucial roles of COBI, SSPL, and NUCFDC in strengthening the cooperative banking sector in the future.
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