Special Chief Secretary VK Singh bats for Strengthening Cooperative Sector with advance technological tools
– Punjab state cooperative bank inks agreement to introduce hi-tech tools for seamless transactions
Chandigarh, 2 August 2024 : In a significant move to enhance the efficiency and effectiveness of the cooperative sector in the state on directions of Chief Minister Mr Bhagwant Singh Mann, the Punjab State Cooperative Bank and 20 District Central Cooperative Banks on Friday inked CBS Upgradation Agreement with M/s Edgerve Systems Limited and M/s Dynacons Systems and Solutions Limited in presence of Special Chief Secretary to CM & Financial Commissioner Cooperation Mr VK Singh.
Speaking on the occasion, the Special Chief Secretary underscored the introduction of this technology to facilitate the dissemination of information up to the Secretaries and Managing Committees of Societies. He said that this is a step forward towards ensuring more transparency and accountability in the cooperative sector adding that it will also prevent frauds and misappropriation of funds. Mr VK Singh further said that the use of Finacle 10 of Infosys for Core Banking Solution will increase the integration of all stakeholders, enabling seamless transactions and enhancing the overall efficiency of the cooperative sector.
The Special Chief Secretary said that this historic initiative marks a significant step towards empowering the cooperative sector in Punjab. He said that under the visionary and dynamic leadership of the Chief Minister, the state government is fully committed to ensure its successful implementation. Mr VK Singh also stressed the need to introduce various ultra modern tools of contemporary Banking Systems for smooth transactions.
Pertinently, the agreement aims to strengthen the cooperative sector through technological advancements, aligning with the state’s vision for a robust and modern cooperative ecosystem. On the occasion the Expert teams presented insights on various technical aspects of the MoU during the signing ceremony.
Prominent amongst others present on the occasion included Registrar Cooperative Societies Mr Vimal Kumar Setia, and Managing Director PSCB Mr Gulpreet Singh Aulakh besides representatives of NABARD.
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