Sahakar Digi Pay and Sahakar Digi Loan Apps

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.