RBI issues Mobile Banking License to State Co-operative Bank
‘Bank will have own mobile app in two months’
Srinagar: Secretary to Government, Department of Co-operatives, Abdul Majeed Bhat and Registrar Co-operatives M M Gassi have welcomed the issuance of license for mobile banking operations to J & K State Co-operative Bank by the RBI.
Bhat, while appreciating the management at the bank, said that by introducing mobile banking, SCB “will reach to a level where it will be able to challenge other organisations in the banking sector and aggressively compete in the technology driven and dependent market”.
Chairman SCB, M S Dar said that the bank had set up a high level team two years ago to comply with the RBI criteria for the said purpose.
Calling it a “remarkable achievement by the bank”, Dar said that the SCB had to slash its NPA from around 20% to less than 2% and raise its CRAR from around 8% to over 12% to be eligible for the mobile banking license.
He congratulated his senior officers and IT department for achieving the milestone. Dar said that it was the hard work put in by his talented IT team especially Iram Shehri, Head IT department.
He also expressed his gratitude towards RBI and NABARD in this behalf.
Managing Director, M Lateif said on the occasion that the bank had already initiated the process to develop its own mobile banking app and is hopeful to launch the same within a period of two months.
This, he said, will fulfill the long standing demand of the customers of the bank and also help the bank to spread its digital footprints.
