50% Of Indians Are Associated With Cooperative Banks
Cooperative banks in India have contributed to meeting the financial requirements of 50% of India's total population. Representatives of the Cooperative banks talk about the various needs of the Indian financial system.
Representatives of the Indian Cooperative Banks recently discussed the various demands of the financial systems in the country. It is worth mentioning the fact that India's 50% of the population is covered by the Cooperative sector when it comes to meeting various financial needs.
Sumnesh Joshi, Assistant Director General, UIDAI, Government of India discussed the progress of the banking sector in serving the rural parts of the country.
He said, "The role of Cooperative banks is to serve rural India. We are holding hands of every individual to adapt to the Aadhar platform. This reason behind this is to increase transactions on the digital platforms and there is a huge revolution that is taking place."
"I represent a 107 year old Bank and there are many loopholes that can be taken care of. Management of banks and security of money are the most crucial issues that we need to work upon. Therefore to make a bank sustainable and strong, there must be a strong management. The younger generation doesn't prefer cooperative banks and since our population consists of a majority of young citizens, we need to adopt strategies and enhance technology to deliver in these channels." Says M L Sukhdeve, Chairman, Maharashtra State Coop Bank
Sanjeev Pandey, Senior President, Indian Financial Institutions Banking, Yes Bank Limited describes the value of Cooperative banks and financial institutes and the opportunities of spreading knowledge at scale. He also shares an analysis with respect to the financial institutions of the country and the number of customers who are associated with the Cooperatives.
He said, "We need to co create values in the world of banking when it comes to cooperative banks. There are 9700 financial institutions in the country and out of which 1600 are urban cooperative banks. 2700 consist of commercial banks and the rest are district and state cooperative banks. 60 crore Indians are associated with this banking sector and we need to improve on all the services provided in this sector along with adapting to co-hosting due to lack of less capital is necessary. The challenges faced by this banking sector are the lack of capital and acute competition in the market."
Shekhar Desai, CEO, Thane Bharat Cooperative Bank sheds light on the asset quality and management in the cooperative banking sector. He said, "Cooperative banks face a challenge in acquiring good customers. Asset quality of our banking sector can be compared best with the old private sector banks. To increase revenues, we must form partnerships with other banks."
Dr. Rajeev Papneja, COO & EVP, ESDS Software Solution Pvt. Ltd. talked about the role of data centers and technology in the upbringing of Cooperative banks.
"Cooperative banks are like warriors fighting at the border. It was around the year 2011 we started with data centers in Nasik and this year in Mumbai. With the growing challenges for Cooperative banks, we have come to their rescue. We built 20 data centers in 2 years and since there was less investment in technology, we brought affordable technology to this sector and moved them to leverage cloud data center services." Said Rajeev.
Along with the speakers, there were Ramlal Damodar, CEO of Nasik Cooperative Bank and Ashok Vyawahare, Sr. Director, Nasik District Cooperative Bank who graced the 2017 COOPERATIVE CONCLAVE MAHARASHTRA at the Taj Santacruz on the 11th of August, 2017.