Maharashtra based Samata Cooperative Credit Society is the first Co-operative Credit Society to launch Mobile Payment Facility for its Members. The launching function was conducted in the presence of Sahakar Bharti Chief Jyotindra Bhai Mehta and patron Satish Marathe.
Soon after the launch, Marathe shared some photographs capturing launching ceremony events and wrote “Samata Coop Credit Socienty Ltd, Kopargaon is probably the Only Cr Coop Soc in the country to launch Mobile Payment Facility for its members”.
He further said that this facility was launched at the Society’s HO on the National Technology Day.
Besides Marathee, Mehta, Vijayji Dewangan, Dr Shingi, Lambheji, Kakasaheb Koyate, Satish Marathe & Shekharji Charegaokar and other prominent persons were present on the occasion.
Samata Cooperative Credit Society has a limited number of Branches and it has achieved a Business Mix of over Rs 600 crore. ”Samata is a Role Model for the Cr Coop Sector”, Marathe facebook post reads.
Marathe said unless the UCBs harness technology and particularly make available emerging payment gateways such as IMPs (Mobile Payment ), it would not be able to compete with other banks in the future.
Marathe has been raising the point on social media and been worked up about the future of urban cooperative banks and credit cooperative societies.
Small Finance Banks ( SFBs) and Payment Banks (PBs) together are going to open about 3600 branches soon. Collectively, SFBs and PBs would bring in Rs 7400 crore as capital. Entry of these new categories of banks could pose a big threat to the existing Urban Co-op Banks, Marathe felt.