RBI issues mobile banking licence to Cooperative Bank

The Reserve Bank of India has issued mobile banking licence to State Cooperative Bank.

Secretary, Department of Cooperatives, Abdul Majeed Bhat and Registrar Cooperatives M M Gassi have welcomed the grant of licence.

While appreciating the role of the management of the Bank, Bhat said that by introducing mobile banking, the SCB will reach to a level where it will be able to challenge other organisations in the banking sector and aggressively compete in the technology driven and dependent market.

M.S. Dar, chairman of SCB,  said the Bank had set up a high level team two years back to comply with the RBI criteria for the purpose.

He said it was a remarkable achievement for the Bank to slash its NPA from around 20% to less than 2% and raise its CRAR from around 8% to over 12% and thus, become eligible for the license, a statement here said.

He congratulated his senior officers and IT department in achieving this milestone.  He also expressed his gratitude towards RBI and NABARD in this behalf.

Managing Director, M. Lateif said the Bank has already initiated the process to develop its own mobile banking app and is hopeful to launch the same within a period of two months.

He said that this will fulfil the long standing demand of the customers of the Bank and also help the Bank to spread its digital footprints.