Indian Cooperative Banks to join the PMJDY cluster

            Buoyed by the success of PMJDY, a number of cooperative banks have sought clarification from Reserve Bank of India, as to whether the cooperative banks can open PMJDY Accounts.

            Dr.Alok Pande Director in Department of Financial Services, has issued a circular stating the minimum requirements cooperative banks should have to open PMJDY Accounts.

            As per the circular, Cooperative Banks (Urban/Rural) which are on CBS (Core Banking Solution) and are having arrangement with NPCI for issuance of RuPay Debit Cards are eligible to open accounts under PMJDY.

            This is one more step towards 100% banking coverage to all Indian households by 26^th January, 2015.   

As on date 200+ cooperative and gramin banks can issue RuPay Debit Cards. The banks are spread over all over India.  

In one of the biggest initiatives towards institution capacity building, NABARD is facilitating the process of bringing the Co-operative Sector onto Core Banking Solution (CBS) platform.

A total of 201 State and Central Co-operative Banks with 6,940 branches from 16 states & 03 UTs of the country, viz. Punjab, Haryana, Gujarat, Maharashtra, UP, Chhattisgarh, MP, Bihar, Karnataka, Tamil Nadu, Kerala, Uttarakhand, Sikkim, Himachal Pradesh, Jammu & Kashmir, Arunachal Pradesh, Chandigarh, Puducherry and Andaman & Nicobar have joined “NABARD initiated Project for CBS in Co-operatives”.

Two vendors, viz. TCS and Wipro, are implementing the ambitious project across the country.

Of the 201 banks with 6 ,940 branches under NABARD Project, 200 banks and 6,939 branches are fully on CBS as on 31st August 2014. This includes 114 new branches which were directly opened on CBS platform.