NABARD ready to fund ICT solutions

The National Bank for Agriculture and Rural Development (NABARD) is willing to take up with the Reserve Bank of India (RBI) the issue of relaxing the time frame set for the 1,603 Primary Cooperative Banks to move over to the new payment regime, and also fund the development of an Information and Communication Technology (ICT) solution that could address their concerns. Kerala chief regional manager of NABARD R. Amalorpavanathan told media persons here on Tuesday that the bank had only suggested the business correspondent model to cooperatives. The RBI had allowed them a one-year window to join the mainstream or be left out at their own risk.

The bank would call a meeting of experts on August 17 as part of its efforts to evolve the new solution. A high-level committee should be constituted with people from various departments for finding solutions and implementing the RBI decision to move over to the new regime.

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Adapted from The Hindu Newspaper.