Resurgence of co-operative banks through bi tools

Abstract

Reserve Bank of India (RBI) and Indian government focuses on financial inclusion as the foundation for inclusive growth. Around 2/3rd of the Indian population falls under the rural category and majority of it is currently not part of the mainstream banking. Rural India contributes a lot to country economy. In this regard, there is a long felt need to have systemic approach to leverage advances in technology to enhance effectiveness of rural cooperative credit structures, particularly delivery of payments and credits to rural citizens on various social sector schemes. While the commercial banking system is taking steps to extend its reach to rural areas, there is a need to develop innovative solutions to provide access to people in rural areas so as to help them get efficient and reliable payment and banking services near to them. To meet financial inclusion objectives, National Informatics Centre (NIC) has developed a Cooperative Core Banking Solution (CCBS) to serve the needs of the rural India to make availability of efficient and reliable payments and banking services closer at their doorsteps.