Amit Shah Launches NUCFDC Banking Initiatives in Mumbai
New digital services launched to modernise Urban Cooperative Banks and strengthen cybersecurity
- Amit Shah inaugurated NUCFDC’s new office in Mumbai.
- ‘Bank in a Box’ and Security Operations Centre launched.
- NUCFDC to provide technology, compliance and cybersecurity support.
- Shah urged all Urban Cooperative Banks to join the umbrella organisation.
GG News Bureau
Mumbai, 8th Aug: Union Home Minister and Minister of Cooperation Amit Shah on Saturday inaugurated the new premises of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai and addressed the ‘Sahkar Nav-Kranti’ programme, unveiling a series of initiatives aimed at modernising Urban Cooperative Banks (UCBs).
During the event, Shah launched the Security Operations Centre (SOC) for Urban Cooperative Banks and introduced ‘Bank in a Box’, an integrated digital banking platform offering core banking, digital payments, cloud services and regulatory compliance solutions at affordable costs.
He said NUCFDC will provide Urban Cooperative Banks with technology support, employee training, cybersecurity tools, regulatory compliance assistance and modern software, enabling even smaller banks to compete with larger financial institutions.
Highlighting the government’s vision of ‘Sahkar Se Samriddhi’, Shah said Urban Cooperative Banks have a vital role in promoting self-employment and financial inclusion, adding that India’s goal of becoming a developed nation by 2047 requires every citizen to become economically prosperous.
The Home Minister also announced that NUCFDC’s headquarters will be shifted from Delhi to Maharashtra, considering the state’s large network of Urban Cooperative Banks. He urged all nearly 1,400 Urban Cooperative Banks across the country to become members of the umbrella organisation within the next year.
An MoU was also exchanged between NUCFDC and the National Forensic Sciences University (NFSU) to strengthen cybersecurity and digital forensic capabilities in cooperative banking. Additionally, Amit Shah released a book on operational risk management for Urban Cooperative Banks and a coffee-table book on the history of cooperative banking in India.
