The AP State Cooperative Bank has recently started integrated core banking services network, the first of its kind by a state run bank the country. The bank with more than four million customers, mostly farmers, has set up an online network connecting its data centre in the city with all the 616 branches of the District Cooperative Central Banks (DCCBs) in 22 districts.
This network will help the bank monitor transactions through a real time management information system, said K. Srinivasan Executive Vice-president of Polaris Financial Technologies that has set up the project.
The technological change is being hailed as a great achievement in the cooperative sector in the country. It is likely to improve efficiency, cut down costs and raise productivity and profit. It may also enable the cooperative banks to challenge big commercial banks offering their own products.
Andhra Pradesh cooperative bank MD Mr Girdhar said the bank with the help of the latest technology would not only provide its customers with better banking services but also connect all the primary agriculture societies across the state.
Mr Girdhar betrayed pride when he said farmers would soon be able to use kisan credit card services and enjoy freedom from difficulties that sprang from technological backwardness.