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CORE BANKING FOR CO-OPERATIVE SECTOR

By virtue of combined experience of two decades in India and overseas markets especially – Africa and South East Asia, working with cooperative, rural, regional, micro or thrift banks, we have perfected delivery model that factors in typical challenges of implementation in these segments ranging from IT literacy, legacy data issues, connectivity issues and resistance to process improvements.

Rural banks in India were established with a view to provide sufficient banking and credit facility for agriculture and other rural sectors and to include rural areas into economic mainstream given that a sizeable chunk of Indian population was of rural orientation.

We enjoy a large market share in co-operative banking segment in India having worked with Urban Cooperative Bank, State Co-operative Banks, District Co-operatives Banks and Credit Co-operative Societies. The same has been possible since we understand the challenges faced by each tier of the banks and address the solution by looking at the grass root problems.

Our Core Banking Solution thus addresses very unique requirements such as members owned entity & management, small & micro businesses focussing on regional competencies, large customer base engaged agriculture & related activities, remote location with no or unstable connectivity. Given our presence in similar rural and micro banking focussed regions, our solution is capable of providing a modern, scalable technology platform with comprehensive features out-of-the-box.

Our Core Banking framework developed for this class of banks easily integrates unique requirements such as shared ownership, interest subvention, micro-savings products, and finance products that suite agricultural, farming, small-scale, handicraft & artisan businesses.

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 Mobile Banking for availing banking services on-the-go

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 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

Pre-packaged Reports including reporting requirements of NABARD

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

Comfort of using the application in one’s own language ensuring better & efficient usage

Accounting practices, processes and financial statements based on universally accepted prudent principles of accounting

The key features and functionality of the PACS application are:

Business Development: Sales and Renting of farming equipments

Reports: comprehensive MIS reports covering Ledgers, Loans, Insurance, Stock, Financial Statements, etc.

Member management: the entire life cycle of a member form registration to cancellation including dividend distribution, new shares, etc. is managed

Stock management: Purchase & Sale of fertilizer, seeds, etc. Complete tracking of stock movement, opening stock, sale, purchase, and transfer and closing stock.

NPA management: tracking loan collection, overdue loans, recovery processes

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

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.

To understand how we can help you maximize your organisation’s investment on technology,
write to us at marketing@infrasofttech.com

What they’re saying

InfrasoftTech is more like strategic partner for us. They understood our FATCA and CRS requirements and are always on hand to offer their knowledge and experience. They are extremely responsive and our whole team enjoys working with them. We are very happy with InfrasoftTech.

Lead Director Leading Global Provider of Trust, Company, and Fund Administration Services

What they’re saying

InfrasoftTech is more like strategic partner for us. They understood our FATCA requirement as a professional partner and offered their experience, engagement, and agility in implementing the same in no time. We couldn’t be more proud and happier with InfrasoftTech

Director- Regulatory Reporting Leading Provider of Administration & Fiduciary Services

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