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Mon - Fri 8.00 am - 6.00 pm
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Cooperative Bank of India (COBI)
Hon'ble Prime Minister's vision of "Amrit Kaal" and Hon'ble Minister of Cooperation, Gol's idea of "Sahakar Se Samriddhi" - an empowered and inclusive economy which shall be knowledge-based and technology-driven by 2047", could be fulfilled, amongst others, by setting up a National Level Apex Cooperative Bank which can harness the true potential of cooperatives by enhanced cooperation amongst cooperatives through adoption of modern technology.

01

• Presently, Apex level entity (StCB) exists at State Level but no existence of Apex Cooperative Bank at National Level though there are approximately StCBs(34), DCCBs(351) with 15900 branches & UCBs (1472) with their 22950 branches and 107000 PACS.

02

• Need for setting up National Level Cooperative Bank has been strongly recommended by Mirdha Committee, Administrative Reforms Commission Sub-Group (GoI) and RBI’s High-Level Agricultural Credit Review Committee chaired by Prof. A. M. Khusro to bridge the systemic and organisational gaps for the overall development of cooperative credit and banking sector of the country.

03

• Thus on the recommendation and advice of Govt. of India and Reserve Bank of India, the Cooperative Bank of India (COBI) is registered under MSCS Act in 1993 to act as National Apex Cooperative Bank, central financing agency and as a National Balancing Centre for the cooperative credit and banking sector.

04

• The Cooperative Bank of India (COBI) is getting added to the second schedule of MSCS Act as “National Cooperative Society” and COBI has initiated the process to get the Banking license from Reserve Bank of India. It is proposed that relaxation of RBI may be obtained specifically for COBI as given in case of StCBs/DCCBs for investment in shares of IFFCO and KRIBHCO.

Presently, Cooperative Banking Sector is having low market share of business, agriculture flow of credit, technology obsolescence and facing cut-throat competitive environment.
NABARD, as part of its "Developmental" role, have received permission from the Reserve Bank of India and is in the process of setting up a National Technology Umbrella for cooperative banks in the form of Shared Services Entity (SSE) “Sahakar Sarathi” with Cooperative Bank of India (COBI) as payment and settlement banker which would cater to the current and emerging technological needs of Cooperative Banks i.e. StCBs (34) and DCCBs (351) in optimal time at affordable cost by focusing on three key areas like Technology, Operations and Support Functions without heavily investing and creating their own capital intensive IT infrastructure. This will help in enhancing overall customer journey, experience and overall efficiency of the cooperative banks.
Thus, National Technology Umbrella for Cooperative Banks “Sahakar Sarathi –SSE” promoted by NABARD having Cooperative Bank of India (COBI) as payment and settlement banker shall play a vital role in creating synergy across Cooperative Banks using economies of scale and will not only enhance cooperation amongst cooperatives but also ensure cooperatives contribute significantly in the overall economic development of the country by harnessing their true potential technology-led transformation under the vision of “ Viksit Bharat by 2047” and making “Bharat USD 5 trillion Economy” of our Hon’ble Prime Minister.