NABARD signed MoU with All Cooperative Banks in Punjab to Launch Core Banking Solution

National Bank for Agriculture and Rural Development today on 8 April 2011 signed MoU with all cooperative banks in Punjab to launch core banking solution (CBS). Under the pan India project NABARD sought the willingness of State Cooperative Bank (SCB) at the state level as well as District Central Cooperative Banks (DCCBs) at the district level under the Short Term Cooperative Credit Structure (STCCS) to join the project by executing a Memorandum of Understanding (MoU) with NABARD.

The project is aimed at providing application software, maintenance of data centre, disaster recovery centre, related network connection and regular maintenance and support of hardware and software. The agreement reached under the project is likely to go a long way to bring the functioning of Cooperative Banks at par with Commercial Banks and Regional Rural Banks in Punjab.