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.”
