New Delhi, Aug 20 (UNI) Home Minister Amit Shah, who is also the Minister of Cooperation, today highlighted different initiatives taken by the Government for the modernization of Cooperative Banks.
Home Minister Shah informed Rajya Sabha in a written reply, “ Under the Computerization of PACS project, all the functional PACS are brought onto an Enterprise Resource Planning (ERP) based Common National Software, linking them with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs).”
“ This common ERP software is provided to all the PACS in the project, across the country, to capture data on all functionalities of PACS, both credit and non-credit. The ERP-based common national software enhances the efficiency of PACS operations through a Common Accounting System (CAS) and Management Information System (MIS),” the Minister added.
He highlighted that an umbrella organization–National Urban Co-operative Finance and Development Corporation (NUCFDC)– is established for urban co-operative banks to drive digitization by leveraging collective strengths, collaboration, and innovation in the digital era.
Highlighting the steps taken, Minister Shah pointed out that NABARD has implemented a dedicated Cyber Security, IT Examination & Evaluation (CSITE) Unit since 2020 (with own and external specialists totaling 10 personnel) to monitor Cyber Security robustness and compliance within RCBs and guiding them in strengthening their cyber-security posture, issued a Comprehensive Cyber Security Framework for Rural Cooperative Banks (RCBs) on 06.02.2020.
The Minister added that to address the growing concerns around cybersecurity in the cooperative banking sector, the Government has introduced a ‘Comprehensive Cyber Insurance Policy’ for Rural Cooperative Banks (RCBs) and Regional Rural Banks (RRBs).
This initiative is a step ahead for safeguarding the crucial data of RCBs, which are vulnerable to cyber attacks.
The minister also added that NABARD facilitated the first-ever cyber insurance for 193 RCBs and RRBs in FY 2024-25.
