National Bank for Agriculture and Rural Development (Nabard) has executed a memorandum of understanding (MoU) with all the cooperative banks in Punjab for launching Core Banking Solution (CBS) in order to make them competitive in the changing banking scenario.
Under this unique pan-India project, Nabard has sought the willingness of State Cooperative Bank (SCB) at the State level and District Central Cooperative Banks (DCCBs) at the district level under the Short Term Cooperative Credit Structure (STCCS) to join the project by executing an MoU with Nabard. The project covers application software, maintenance of data centre/disaster recovery centre, related network connection and regular maintenance and support of hardware and software.
This arrangement made under the project will go a long way to bring the functioning of cooperative Banks at par with Commercial Banks and Regional Rural Banks in Punjab.