Cooperative banks to go digital soon

[sajiv]

Software being developed at an estimated cost of Rs.2 crore, PACBs to be computerised in second phase, Officers to be trained in the software soon

CHENNAI: The 23 Central Cooperative Banks and 120 Urban Cooperative Banks in the State will be computerised by the end of this financial year.According to official sources, the banking application software is being developed at an estimated cost of Rs.2 crore by a multinational company. The hardware and the necessary peripherals will be procured with the help of the Electronics Corporation of Tamil Nadu (ELCOT).

In the second phase, the Primary Agricultural Cooperative Banks (PACBs) will also be computerised, said an official. The core banking module in the first phase of the project will cover components such as remittances, recurring deposit, fixed deposit, loans, savings bank and current account. The software has been designed and developed to match the banking standards with necessary security features. The security features include bio-metric authentication, data encryption, IP security and secure socket layer.

The project has been fully tested and as a pilot project, been deployed at three branches.The project has been successfully tested in the three branches - Adambakkam branch, Kancheepuram central cooperative bank and Chengalpattu urban cooperative branch.

The software will be deployed at all the branches of central cooperative banks and urban cooperative banks in the State. It may also incorporate into the system the components such as internet banking, e-banking, Real Time Gross Settlement, ATM and credit card operations and mobile banking.

Officers of the Cooperative bank are to be trained in the software soon, it is learnt.

Cooperative week: November 14 -2 0 is being celebrated is being celebrated as the '55th cooperative week' across the State. The theme of the celebration this year is 'Autonomous and competitive cooperatives for Bharat Nirman.' The celebration will include initiatives on providing special training for empowerment of members. Workshops and study visits will also be held for members and employees for managing cooperatives professionally. Farmers will also be educated about the latest trends and techniques in retail marketing, packaging and processing, official sources added.

Meetings will be organised to educate the consumers about consumer protection and to acquaint them with the rights provided in the consumer protection act, 1986, including the right to safety, right to be informed, right to choose, right to be heard, right to seek redress and right to consumer education.An action plan will also be drawn as part of the cooperative week celebrations to train women in areas of entrepreneurship and motivate them to form exclusive women cooperatives.