Mumbai (Maharashtra) [India], August 8 : Advancing Prime Minister Narendra Modi's vision of 'Sahkar Se Samriddhi' and following the directives of Union Home Minister Amit Shah, the 'Sahkar Nav-Kranti' programme was held on Saturday at the BSE International Convention Centre in Mumbai as an important step towards making the country's cooperative banking sector modern, transparent, secure and competitive, a release said.
Shah launched the Security Operations Centre for Urban Cooperative Banks and core banking and allied services under the nationwide service bundle. On the occasion, a Memorandum of Understanding was exchanged between National Urban Cooperative Finance and Development Corporation (NUCFDC) and the National Forensic Sciences University (NFSU), the official release said.

According to the Union Ministry of Cooperation, "The Union Home Minister also inaugurated NUCFDC's new office premises at Sharada Sadan in Fort, Mumbai. Maharashtra Chief Minister Devendra Fadnavis, Maharashtra Deputy Chief Minister Eknath Shinde, Union Minister of State for Cooperation Krishan Pal Gurjar, Union Minister of State for Cooperation and Civil Aviation Murlidhar Mohol, Maharashtra Minister for Cooperation Babasaheb Patil, Maharashtra Government Ministers Jaykumar Rawal and Ashish Shelar, Secretary, Ministry of Cooperation, Ashish Kumar Bhutani, NUCFDC Chairman Jyotindra Mehta, representatives of Urban Cooperative Bank federations from various States and several dignitaries associated with Urban Cooperative Banks across the country were present at the 'Sahkar Nav-Kranti' programme."
Addressing the gathering, Amit Shah said that the long-awaited Umbrella Organisation for Urban Cooperative Banks has now become a ground reality with recognition from the Reserve Bank of India, adequate capital and its new office. Shah said the venue of the programme also has its own special historical significance. Although it is currently used as an auditorium, for nearly 100 years this place was the heartbeat of India's stock market and made an important contribution to laying the foundations of the country's economic and industrial development.

He said this historic trading hall of the BSE had witnessed the journeys of several major companies that played an important role in India's reconstruction and development, both before and after Independence. Today, the same historic venue is witnessing a new transformation in the Urban Cooperative Banking sector.
Shah said the Umbrella Organisation will provide Urban Cooperative Banks with the necessary guidance to meet the compliance standards prescribed by the Reserve Bank of India and will extend technical and institutional support for their smooth functioning. Through it, information on new reforms and regulatory changes in the banking sector will also reach Urban Cooperative Banks in a timely manner.
He said essential software such as 'MuleHunter', modern technological solutions and employee training facilities, greatly needed by the sector, will also be made available through the Umbrella Organisation. Amit Shah said the organisation will also show the way to strengthen the confidence of both the public and the Reserve Bank of India by enhancing transparency.

This will enable Urban Cooperative Banks to stand at par with other banks in modern banking competition, he said, adding that, beyond providing these services, the Umbrella Organisation will breathe new life into the Urban Cooperative Banking movement, expand its reach and make banking services modern, transparent and reliable.