Mumbai: Union Minister for Home Affairs and Cooperation Shri Amit Shah outlined a roadmap for strengthening India’s Urban Cooperative Banking (UCB) sector as he inaugurated the new Mumbai office of the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and launched a series of technology, cybersecurity and institutional initiatives.
The initiatives were unveiled at the BSE International Convention Centre, Mumbai, and are aimed at accelerating technology adoption, strengthening cyber resilience and building institutional capabilities across the country’s Urban Cooperative Banks.
Among the key initiatives launched was Bank in a Box, an integrated managed technology platform designed to provide UCBs with end-to-end banking technology infrastructure. NUCFDC also announced a strategic partnership with the National Forensic Sciences University (NFSU) to strengthen cybersecurity and cyber resilience across the sector.
The programme also saw the felicitation of six UCBs as early adopters of Sahakar CBS, NUCFDC’s Core Banking Solution for Urban Cooperative Banks.
A practical handbook titled “Operational Risk Management and Resilience”, authored by Shri G. P. Mistri, former Deputy General Manager of the Reserve Bank of India and former General Manager of Vijay Co-operative Bank and Ahmedabad Mercantile Co-operative Bank, was also launched.
NUCFDC Shifts Registered Office to Mumbai
A key institutional development was the inauguration of NUCFDC’s new office in Mumbai. The organisation has decided to shift its Registered Office from Delhi to Mumbai, positioning the city as an important base for engagement with Urban Cooperative Banks, cooperative institutions, policymakers, technology partners and other stakeholders.
The Mumbai office is expected to strengthen NUCFDC’s ability to work closely with member banks and drive coordinated, sector-wide initiatives.
Addressing the gathering, Shri Amit Shah said that NUCFDC would help give a new lease of life to Urban Cooperative Banks by making their services more modern, transparent and reliable. He highlighted the role of digital banking, cybersecurity, digital forensics and AI-based solutions such as MuleHunter in helping smaller banks access advanced banking capabilities at affordable costs.
Shri Shah said stronger technology and security systems would help enhance depositor confidence and enable UCBs to compete more effectively, while contributing to the broader vision of Viksit Bharat by 2047.
Focus on Technology and Financial Inclusion
Shri Jyotindra M. Mehta, Chairman, NUCFDC, said Urban Cooperative Banks have a strong grassroots presence and play an important role in supporting communities, entrepreneurs and local economies. He emphasised the need to equip UCBs with modern capabilities to improve efficiency, innovation and customer service, adding that NUCFDC would focus on creating economies of scale and enabling banks to access technology and other capabilities more efficiently.
Shri Prabhat Chaturvedi, CEO, NUCFDC, said the initiatives launched represent key building blocks in the organisation’s roadmap for technology adoption and stronger operational and cyber resilience.He said Bank in a Box brings core banking, digital channels, payments, infrastructure and technology support together through a single managed platform, while the NFSU partnership will provide UCBs access to specialised cybersecurity capabilities through a shared-services model.
The adoption of Sahakar CBS by the first six UCBs was described as another important step towards greater technology standardisation across the sector.
The event brought together Maharashtra Chief Minister Shri Devendra Fadnavis, Shri Ashish Kumar Bhutani, IAS, Secretary, Ministry of Cooperation, senior government officials, UCB chairpersons and directors, cooperative banking representatives, policymakers, regulators, technology partners and other stakeholders from across India.
The programme also featured a welcome address by Shri Jyotindra M. Mehta and the screening of NUCFDC’s corporate film showcasing its vision for a technology-enabled, secure and future-ready Urban Cooperative Banking sector.