Nabard pitches for technology adoption by cooperative banks

Nabard today pitched for implementation of Core Banking Solutions across the cooperative banks for better efficiency and furthering the goal of financial inclusion.
There is a need to keep pace with the changing needs, Nabard Chairman Harsh Kumar Bhanwala said at a workshop for the MDs/CEOs of State Cooperative Banks.
The banks were requested to be in readiness on DBT (Direct Benefit Transfer) technology platform to serve the farmers' needs.
He requested the State Cooperative Banks to take up the leadership role in providing banking services by playing a proactive role in Financial Inclusion by technology adoption.
As the demographic age profile of the prospective customers has come down, the aspirations and expectations from the banks have gone up in terms of financial and non-financial services, he said.

Praising efforts of few Cooperative banks which have taken lead in technology by obtaining mobile banking permission from the regulator, he said, the emerging intensive competition in the wake of entry of new Payment Banks and Small Finance banks and urged the cooperative banks to orient their policies accordingly and also urged the banks to put into practice a good governance and IT policy.
Speaking on the occasion, RBI executive director U S Paliwal said there is a need to maintain a balance between technology and human intervention in providing banking services.
He said that Cooperation has to succeed for the financial inclusion to succeed and requested the banks to adopt technology enabled Business Model which will also bring efficiency and transparency into the system.