Punjab achieves milestone in cooperative bank digitization

In a major step towards technological advancement in the cooperative banking sector, the SAS Nagar Central Cooperative Bank and the Ropar Central Cooperative Bank have successfully upgraded their Core Banking Solution (CBS) from Finacle 7 to Finacle 10. With this achievement, under the umbrella of NABARD, Punjab becomes the first state in India to initiate and complete this significant digital transition in its cooperative banking network.

This milestone reflects the state’s growing commitment to modernizing cooperative banks, ensuring faster, secure, and more customer-friendly banking services at the grassroots level. This progress has been achieved under the able leadership of Chief Minister S. Bhagwant Singh Mann, whose focus on digital transformation and rural empowerment has provided the necessary direction and support for such reforms.

The successful migration was made possible through the strategic leadership and support of Financial Commissioner Cooperation Alok Shekhar, who played a vital role in driving this initiative forward. His guidance was instrumental in shaping the vision and execution of this project.

Speaking on the development, FCC Alok Shekhar stated, “The successful upgrade to Finacle 10 reflects Punjab’s commitment to strengthening rural banking infrastructure through technology. It is a major step toward delivering efficient, secure, and transparent banking services across the cooperative network. I congratulate all teams involved for achieving this milestone.”

MD Punjab State Cooperative Bank (PSCB) Harjit Singh Sandhu highlighted that the transition to Finacle 10 was a long-awaited step in reinforcing the IT backbone of cooperative banks. He said, “With Finacle 10, our banks are now equipped to offer better customer service, quicker transactions, and robust cybersecurity features. This upgrade positions us to meet the evolving needs of our customers, especially in rural and agricultural sectors.”

He also congratulated the MDs/DMs and IT teams of SAS Nagar and Ropar District Central Cooperative Banks for their dedication and efforts in successfully implementing this complex and significant migration.

Registrar of Cooperative Societies Girish Dayalan was also actively involved in facilitating coordination and implementation during the migration process.

The transition is now being viewed as a model for cooperative banking reforms nationwide. Other cooperative banks in Punjab are scheduled to upgrade to Finacle 10 in a phased manner over the coming months.

This initiative marks a pivotal point in the evolution of Punjab’s cooperative banking system, setting a national benchmark for innovation, efficiency, and farmer-centric development in the sector.