RBI Issues Mobile Banking License to State Cooperative Bank


SRINAGAR  — Secretary to Government, Department of co-operatives, J and K Mr. Abdul Majeed Bhat and Registrar Co-operatives M.M. Gassi welcomed the issue of license for mobile banking operations to J and K State Co-operative Bank by RBI.

While appreciating the role of the management of the Bank, Mr. Bhat 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.

Mr. M.S. Dar, chairman of SCB,  said that the Bank had set up a high level team two years back to comply with the RBI criteria for the said purpose. He said that it was a remarkable achievement for the Bank to slash its NPA from around 20% to less than 2% and raise its CRAR from around 8% to over 12% and thus, become eligible for the license.

He congratulated his senior officers and IT department in achieving this milestone. He said that it is the hard work put in by his talented IT team especially Mrs. Iram Shehri, Head IT department.

He also expressed his gratitude towards RBI and NABARD in this behalf.

Managing Director, Mr. M. Lateif said that the Bank has already initiated the process to develop its own mobile banking app and is hopeful to launch the same within a period of two months.

He said that this will fulfil the long standing demand of the customers of the Bank and also help the Bank to spread its digital footprints.


Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.



Observer News Service

Leave a Reply

Your email address will not be published.