NFUCBS to launch Core Banking Solutions nationally for all urban co-operative banks

NFUCBS to launch Core Banking Solutions nationally for all urban co-operative banks

Ahmedabad: National Federation of Urban Co-operative Banks & Credit Societies Ltd (NUCBCS) and Gujarat Urban Co-Operative Banks Federation (GUCBF) on Tuesday announced that ‘Core Banking Solutions’ (CBS) for Urban Co-Operative Banks will be launched nationally on December 25th.

“CBS for Urban Co-Operative Banks will be launched during ‘COOP CORE- 2010’ (a two day exhibition cum seminar being held in Ahmedabad on 25th and 26th December) in which union minister for Agriculture Sharad Pawar, the deputy governor of the Reserve Bank of India will remain present," said H. K. Patil, president, NFUCBCS at a press meet here.

NUCBCS is the apex level promotional body of urban cooperative banks and credit societies in the country. Its activities include liaison and interaction with the Reserve Bank of , the Central and State Governments, its member banks and credit societies.

Patil said CBS has not been adopted yet by most of the Co-operative banks in due to large investment required.

“There are total 1,674 Urban Co-Operative Banks in with 7,000 branches and 6 crore account holders. Of the total Urban Co-Operative Banks, only 8-9 has implemented CBS so far despite the fact that CBS concept has been introduced years ago," Patil said.

He said private, public sector banks and multi-national banks have already adopted this essential concept.

“The major hindrances in the implementation of the CBS include the large investment involved and the tedious procedure of identifying the right vendor of CBS. To help banks implement this concept NUCBCS has selected four CBS vendors (C-Edge Technology Ltd, , Mindmill Software Ltd., Tata Consultancy Services Ltd and Theme Technologies Ltd). The banks will be able to rent the CBS services from these vendors at an affordable price," Patil said.

These vendors would provide CBS at a rental of only 12,900 per branch.

Explaining advantages of CBS Patil said it allows banks to inter-connect all their branches and enable customers to operate their accounts and avail banking services from any branch of the bank in the country regardless of where he maintains his account, “If the core banking deployment has happened with e-Channel integration, customer service levels enhance drastically with online ATM connectivity, Internet banking, SMS banking and Tele banking," he said.