Union Home Minister and Minister of Cooperation Amit Shah inaugurated the new premises of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai.
During the programme, he launched a series of technology and cybersecurity initiatives aimed at modernising India’s Urban Cooperative Banking sector.
A key initiative launched was the Security Operations Centre (SOC) for Urban Cooperative Banks, designed to strengthen cybersecurity and protect banks against emerging digital threats.
Another major initiative was ‘Bank in a Box’, an integrated technology platform offering core banking, digital payments, cloud services and regulatory compliance solutions.
About ‘Bank in a Box’
‘Bank in a Box’ will enable even a small, single-branch Urban Cooperative Bank to offer world-class banking services without making large investments in technology infrastructure.
The integrated platform will provide Core Banking Services (CBS), digital payment facilities, cloud infrastructure and regulatory compliance solutions.
Under the broader technology framework, Sahkar CBS is being developed to provide modern core banking capabilities to Urban Cooperative Banks.
The framework will also include shared payment services, enabling cooperative banks to access common digital payment infrastructure.
A Loan Origination System (LOS) is being developed to streamline and digitise the process of originating and processing loans.
Sahkar Cloud will provide cloud-based infrastructure to help cooperative banks reduce technology costs and improve scalability.
The initiatives also include AI-based fraud prevention mechanisms to strengthen the detection and prevention of financial fraud.
Other proposed facilities include group cyber insurance, Aadhaar-based services and automated regulatory compliance.
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