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News: Union Home Minister Amit Shah launched ‘Bank in a Box’ as part of initiatives to modernize the technology and cybersecurity of Urban Cooperative Banks.
About ‘Bank in a Box’
- Bank in a Box is an integrated service bundle that enables even small Urban Cooperative Banks to provide modern banking services without heavy technology investment.
- It enables financial institutions to rapidly deploy and operate fully functional banking services through cloud-based platforms.
- Launched by: Ministry of Cooperation
- It is developed under the National Urban Cooperative Finance and Development Corporation (NUCFDC) umbrella framework for Urban Cooperative Banks.
- Aim: It aims to help small Urban Cooperative Banks access modern banking technology, digital payments, cloud services and regulatory compliance solutions at affordable costs.
- Features:
- Integrated services: It includes core banking, digital payments, cloud infrastructure and regulatory compliance solutions.
- Modern technology: It supports services such as Sahkar CBS, loan origination, Sahkar Cloud and AI-based fraud prevention.
- Cybersecurity: The related Security Operations Centre will provide round-the-clock cyber monitoring and security support.
- Cost efficiency: Shared services can reduce the cost of expensive systems that individual banks would otherwise maintain separately.
National Urban Co-operative Finance and Development Corporation Limited (NUCFDC)
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