Amit Shah Launches Cyber Center and Modernizes Cooperative Banking

Union Home and Cooperation Minister Amit Shah inaugurated a new office for the National Urban Co-operative Finance and Development Corporation (NUCFDC) in Mumbai on August 8. During the Sahakar Nav-Kranti programme, Shah announced the launch of a 24/7 Security Operations Centre to provide cyber surveillance and security for urban cooperative banks (UCBs), citing an increase in digital transaction frauds.

To modernize the sector, Shah introduced Bank in a Box, a digital infrastructure package providing core banking, digital payments, and cloud compliance. He urged all 1,400 UCBs to join the NUCFDC within one year to access these technical tools and receive guidance on Reserve Bank of India (RBI) compliance. Currently, 690 banks have joined the umbrella organization.

Shah also proposed relocating the NUCFDC headquarters from New Delhi to Maharashtra to be closer to the high density of cooperative banks in Maharashtra, Gujarat, Goa, and Karnataka. He encouraged UCBs to adopt a more constructive relationship with the RBI, noting that the central bank has already supported the sector through liberalized branch expansion, higher gold loan limits, and the resumption of on-tap licensing as announced by RBI Governor Sanjay Malhotra.