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2h ago

Amit Shah Launches DigiPay and DigiLoan for Urban Co-op Banks, Sets 5-Year Expansion Goal

The push follows governance reforms with UCB NPAs reported at 0.6%, with a Delhi Declaration to set the sector’s roadmap.

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Amit Shah (HT)
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Overview

  • At Co-op Kumbh 2025 in New Delhi, Shah unveiled NUCFDC’s Sahakar DigiPay and Sahakar DigiLoan to drive digital payments and paperless lending across urban cooperative banks.
  • Sahakar DigiPay functions as a centralized UPI switch with fraud detection and risk tools, while Sahakar DigiLoan provides a loan origination system with digital KYC and automated credit assessment.
  • Shah set a target to onboard 1,500 urban cooperative banks to the new digital platforms within two years.
  • The government aims to establish at least one urban cooperative bank in every city with a population over 200,000 within five years, with NAFCUB urged to convert viable credit societies into banks.
  • Organized by NAFCUB under the Ministry of Cooperation, the conference will release the Delhi Declaration 2025 to guide modernization and expansion, with international stakeholders participating.