- Amit Shah called for stronger cybersecurity measures in urban cooperative banks.
- A Security Operations Centre (SOC) providing round-the-clock cyber surveillance was launched in Mumbai.
- Shah urged cooperative banks to join NUCFDC to accelerate modernisation of the sector.
MUMBAI: Union Home and Cooperation Minister Amit Shah has called for stronger cybersecurity and digital safeguards for India’s urban cooperative banks, citing the growing threat of digital transaction fraud and financial crimes.
Addressing the ‘Sahakar Nav-Kranti’ programme in Mumbai, Shah stressed the need for stronger forensic capabilities and closer cooperation with the National Forensic Sciences University (NFSU) to improve the security of India’s banking ecosystem.
Security Operations Centre Launched for Cooperative Banks
A key highlight of the programme was the launch of a Security Operations Centre (SOC) designed to provide 24-hour cyber surveillance and security support to urban cooperative banks.
The initiative is aimed at helping banks detect and respond to cyber threats more effectively as digital transactions continue to expand.
Shah also inaugurated the new office building of the National Urban Co-operative Finance and Development Corporation (NUCFDC) in Mumbai’s Fort area.
NUCFDC, NFSU Sign MoU on Cyber and Financial Crime
The NUCFDC and National Forensic Sciences University signed a Memorandum of Understanding in Shah’s presence.
The partnership is expected to strengthen forensic and technical capabilities for dealing with cyber and financial crimes affecting the cooperative banking sector.
Shah also launched the ‘Bank In A Box’ initiative and several related services during the event.
Shah Urges Cooperative Banks to Join NUCFDC
The Home and Cooperation Minister urged urban cooperative banks across the country to become members of NUCFDC, describing it as an umbrella organisation that can help modernise the sector.
He said the organisation has the potential to make urban cooperative banking more modern, transparent and trustworthy.
Shah also said the headquarters of the umbrella organisation would soon be shifted from Delhi to Maharashtra.
According to him, Maharashtra, Gujarat, Goa and Karnataka together account for around 70% of India’s urban cooperative banks, making Maharashtra a strategically important location for the organisation.
Cooperative Banks Have Wider Economic Role
Shah said India’s economic development cannot depend only on the capital market and emphasised the importance of creating a parallel system that supports self-employment and entrepreneurship.
He highlighted the role of urban cooperative banks in meeting the financial needs and aspirations of ordinary citizens.
The minister said cooperative banks should not focus solely on generating profits but should also contribute to broader economic and social development.
During the programme, a coffee table book was also released and representatives of six cooperative banks were felicitated for their contributions to the sector.
The initiatives announced in Mumbai underline the government’s focus on combining cybersecurity, digital technology, forensic expertise and institutional cooperation to strengthen India’s urban cooperative banking network.
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