Core Banking Solution for State Co-operative banks, District Central Co-operative Banks and Primary Agricultural Credit Societies
In the co-operative banking hierarchy in India, the finance flows from a State Co-operative to District Central Co-operatives (DCCB), which form the prime credit facilitator at a district level and Primary Agricultural Credit Societies (PACS) form the end-point to which credit needs to be delivered.
OMNIEnterpriseTM Core Banking Solution for this segment carries some unique features to enable the banks to provide differentiated finance tools to support the agricultural economy, track the credit flow and measure & report outcomes.
OMNIEnterpriseTM Core Banking Solution for State Co-operative Banks and District Co-operative Banks
It is a proven solution with successful implementations pan-India. The solution allows the banks to offer retail as well as business oriented products & services and more importantly, provide a backbone for the financial inclusion objectives. It is developed on modern technologies and architecture that is suitable for this segment that operates largely in remote, rural areas.
The solution addresses the pain points of this segment by removing customer duplication, providing customer insights, maintaining data integrity, processing real-time updates and providing comprehensive compliance reporting.
Having implemented robust & scalable core banking, our client banks have been able to easily step onto digital revolution path. They have implemented diverse solutions that add a lot of value through enhanced customer reach and access to banking products & services 24 x 7. Some of the solutions that offer high level of traction are;
- OMNIEnterpriseTM Tablet Banking to service the underserved and unserved customers who are not able to avail of mainstream financial services due to remote locations or inability to use modern channels like internet and mobile
- OMNIEnterpriseTM ATM Switch and OMNIEnterpriseTM Kiosk banking for off-hours as well as off-premise access to banking services
- OMNIEnterpriseTM Mobile Banking for availing banking services on-the-go
- OMNIEnterpriseTM interfaces to NPCI network, Aadhaar based authentication and Unified Payments that provides easy access to 3rd party ATMs, multi-mode funds transfer, utility payments, online as well as offline merchant payments and many other advanced features
Some of the unique functionality offered to State Co-operative Banks and District Co-operative Banks:
- Share Capital Management and Members Management
- Loans classification as per NABARD guidelines
- Kisan Credit Card Management
- Reconciliation of DCCB and PACS accounts
- Managing AIMAS transactions
- Managing investments in G-SEC and Bonds
- Over 150 pre-packaged reports that cover MIS reports, Regulatory Reports and Statistical Returns for NABARD and NAFSCOB
OMNIEnterpriseTM PACS Solution
Primary Agriculture Co-operative Societies (PACS) play important role in the economic betterment of farmers in India.
In the three tiered structure of the co-operative credit societies in India, PACS form a critical link at the base level, practically acting as the face of co-operative initiatives to the farmers. As of 2013, there are more than 90,000 PACS serving credit needs of 3 crore farmers.
InfrasoftTech having worked for close to two decades in the co-operative sector in India, has designed & developed software solutions addressing unique needs of PACS such as Member Management, Crop Loans & Crop Insurance, Kisan Credit Card, Stock management, etc.
The PACS application developed by InfrasoftTech offer the following differentiators that beings immediate benefits for the societies;
- Ease of access using various light-weight devices – PC, Laptop, Tablet, PDA
- No software installation at PAC locations thereby removing the dependency on IT staff and improving the go-live timeframe
- Ease of configuring different credit and savings products
- Pre-packaged Reports including reporting requirements of NABARD
- Accounting practices, processes and financial statements based on universally accepted prudent principles of accounting
- Comfort of using the application in one’s own language ensuring better & efficient usage
InfrasoftTech is well-equipped to cater to the changing nature of PACS’ business. The initiatives like introduction of Rupay Debit Card, additional business lines such as Business Correspondent and Multi-Purpose Service is readily supported by InfrasoftTech.
The key features and functionality of the PACS application are;
- Member management: the entire life cycle of a member form registration to cancellation including dividend distribution, new shares, etc. is managed
- Loan Types: it is really easy to configure variety of loans that form major part of PACS portfolio – short term & mid-term loans like Kharif loans, Rabi loans, tractor, sprayers, dryers, etc.
- Kisan Credit Card: issuance, credit limit setup & tracking usage, KCC based loans, KCC linked insurance
- Savings & Deposit Products: a wide range of products can be configures and offered to the farmers
- Stock management: Purchase & Sale of fertilizer, seeds, etc. Complete tracking of stock movement, opening stock, sale, purchase, and transfer and closing stock.
- Business Development: Sales and Renting of farming equipments
- NPA management: tracking loan collection, overdue loans, recovery processes
- Reports: comprehensive MIS reports covering Ledgers, Loans, Insurance, Stock, Financial Statements, etc.