Source: IE
Context:
Union Cooperation Minister Amit Shah on Monday launched two new digital platforms — Sahakar Digi Pay and Sahakar Digi Loan — aimed at driving the digital transformation of urban cooperative banks (UCBs) and enhancing their competitiveness in India’s increasingly cashless economy. The launch took place during a two-day International Conference on the Urban Cooperative Credit Sector in New Delhi.
About the Initiatives
Sahakar Digi Pay
- What it is: A digital payments platform designed exclusively for Urban Cooperative Banks (UCBs).
- Purpose: To facilitate real-time, secure, and interoperable payment solutions for cooperative bank customers.
- Key Features:
- Integration with UPI, NEFT, RTGS, and RuPay ecosystems.
- Enables instant fund transfers and merchant transactions within cooperative networks.
- Aims to reduce dependence on private fintech intermediaries by building an indigenous cooperative fintech framework.
Sahakar Digi Loan
- What it is: A digital lending platform developed to streamline and digitize the loan processing and disbursal system for UCBs.
- Purpose: To promote paperless, time-bound credit delivery, improving customer experience and loan turnaround times.
- Key Features:
- Automated credit appraisal and documentation workflows.
- Integration with Aadhaar, PAN, and Credit Bureau databases for quick verification.
- Enables online loan sanctioning, enhancing transparency and reducing manual intervention.
Objectives of the Launch
- To modernize the cooperative banking ecosystem through digital empowerment.
- To enhance financial inclusion by enabling small cooperative banks to compete with commercial and digital banks.
- To strengthen the “Sahakar Se Samriddhi” vision by promoting technology-led growth in cooperatives.
- To align the cooperative sector with Digital India and Cashless Economy goals.
