Punjab News : In a landmark move for the cooperative banking sector, the SAS Nagar Central Cooperative Bank and the Ropar Central Cooperative Bank have upgraded their Core Banking Solution from Finacle 7 to the advanced Finacle 10 platform, making Punjab the first state in India to complete this major digital shift across its cooperative banking network.
The achievement underscores Punjab’s commitment to modernizing cooperative banks to deliver faster, more secure, and customer-friendly banking services, especially at the grassroots level. This progress has been driven under the leadership of Chief Minister Bhagwant Singh Mann, whose emphasis on digital transformation and rural empowerment has paved the way for such reforms.
Financial Commissioner Cooperation Alok Shekhar, whose leadership was key to the initiative, hailed the upgrade as a significant step in strengthening rural banking infrastructure through technology. He emphasized that the shift to Finacle 10 will enhance efficiency, security, and transparency across the cooperative network.
MD Punjab State Cooperative Bank Harjit Singh Sandhu described the upgrade as a much-needed boost to the IT backbone of cooperative banks, enabling quicker transactions, improved customer service, and stronger cybersecurity. He commended the MDs/DMs and IT teams of SAS Nagar and Ropar District Central Cooperative Banks for their dedication in executing this complex migration.
Registrar Cooperative Societies Girish Dayalan also played a pivotal role in ensuring smooth coordination during the process.
The success of this initiative is now seen as a model for cooperative banking reforms nationwide, with other cooperative banks in Punjab set to transition to Finacle 10 in a phased manner. This milestone sets a national benchmark for innovation, efficiency, and farmer-focused growth in the cooperative banking sector.