India, Dec. 16 -- The Government of India has issued a release:
National Urban Cooperative Finance and Development Corporation (NUCFDC) established as an Umbrella Organization (UO) of Urban Cooperative Banks, has launched the platforms - Sahakar DigiPay (UPI-based digital payments platform for Urban Co-operative Banks) and Sahakar DigiLoan (digital lending enablement platform); during the CoopKumbh held during 10th November, 2025. Platforms have been launched to provide RBI mandated technical, cyber-security, onboarding, and consumer protection standards. It aims at enabling Urban Co-operative Banks (UCB), irrespective of size, to adopt modern, compliant digital payment and lending systems on a cost-effective shared centralized infrastructure. Details of the platform are as under:
To protect the interest of the depositors from financial frauds in cooperative banks, the Reserve Bank of India (RBI) has put following measures in place:
Through NUCFDC, several initiatives-such as shared digital payment systems, digital lending platforms, cyber security support, and a centralized cloud infrastructure-are being put in place so that even the smallest UCB can meet modern regulatory and customer requirements without excessive cost. Alongside this, capacity-building programmes are being rolled out across the sector.
Further in order to strengthen the structure and functioning of Cooperative Banks and to bring them at par with other commercial banks, several initiatives have been taken up with the assistance of Department of Financial Services and Reserve Bank of India. Details of which are at Annexure.
Disclaimer: Curated by HT Syndication.
