Amit Shah launches Security Operations Centre (SOC) and encourages all urban cooperative banks to join NUCFDC, with a view to strengthening cybersecurity and modernizing the sector.
Union Home and Cooperation Minister Amit Shah has underscored the necessity of reinforced cybersecurity for India's urban cooperative banks. During the 'Sahakar Nav-Kranti' programme in Mumbai, he pointed out the escalating trend of digital transaction frauds and advocated for enhanced forensic support to safeguard banking integrity. In his address, Mr Shah emphasized the importance of synergy with the National Forensic Science University (NFSU) to combat cyber and financial crimes.
To materialize this vision, Mr Shah introduced a Security Operations Centre (SOC), which is designed to offer continuous cyber surveillance and security assistance to urban cooperative banks. In addition, he inaugurated the new office building of the National Urban Co-operative Finance and Development Corporation (NUCFDC) located in Mumbai's Fort area. These initiatives are geared towards bolstering cybersecurity and catalyzing the modernization process within India's urban cooperative banking sector.
In an attempt to rally all cooperative banks, Mr Shah urged them to affiliate with NUCFDC, the country's leading umbrella organization for such financial institutions. He expressed optimism that this affiliation would modernize and make the urban banking sector more transparent and reliable.
Mr Shah opined that while capital markets hold a significant role in fostering prosperity, a concurrent system of self-employment should also be cultivated. In this context, he underscored the pivotal part played by urban cooperative banks, as they serve to fulfill the aspirations of people beyond profit generation.
Furthermore, Mr Shah revealed that the NUCFDC headquarters will soon relocate from Delhi to Maharashtra, given that Maharashtra, Gujarat, Goa and Karnataka jointly account for 70 per cent of India's urban cooperative banks. The NUCFDC and NFSU signed a Memorandum of Understanding in the presence of Mr Shah. He also unveiled the 'Bank In A Box' initiative along with ancillary services at the event.
Source:
Akashvani News
