SRINAGAR: The customers of the J&K State Cooperative Bank (JKSCB) will soon be able to avail services like real-time gross settlement (RTGS) and National Electronics Fund Transfer (NEFT) after the bank has made an arrangement with Axis Bank to facilitate the services.
The two banks that on Tuesday entered into agreement wherein Axis Bank would pave way for this technological leap for the Cooperative Bank.
General Manger of the JKSCB Farooq Ahmad Khan after signing of the agreement in presence of Senior Vice President of Axis Bank, Shrikant Gupta told Kashmir Reader that services will certainly improve bank’s efficiency and reach out.
“It will give us the much needed competitive edge as RTGS and NEFT enables customers to send money within seconds, besides facilitates the speedy receipt of money sent from any corner in India,” Khan said.
“Customers have been asking for this service and we will now be able to offer them the same soon,” he said and was hopeful that arrangement will also pave way for more customer services in future, particularly for the rural populace where the bank has its foothold.
Cluster Head of Axis Bank Shabir Khan who signed the agreement on behalf of the bank said that by this arrangement, financial services of the Axis Bank through its vast network in India and its fast growing branches in Jammu and Kashmir can be utilized to the optimum for the speedy transfer of money.
Senior Manager Axis Bank Rahul Kapoor told Kashmir Reader that their bank is facilitating Cooperative Banks in India to switchover from the traditional banking to the modern banking and helping establish this would put them at par in providing some of the latest facilities and they will keep on adding.
Later Senior Vice President elaborated that the arrangement would provide the JKSCB access to the national payment gateway established National Payment Corporation of India ( NCPI) that is aiming to consolidate and integrate all retail payment systems in India.
Gupta welcomed the decision of the JKSCB management to avail the financial services offered by their bank, assuring full support. He hoped that this agreement will go a long way in forging stronger relationship among the partners.
Earlier chairman JKSCB MS Dar who was also present on the occasion said that Cooperative Bank has moved on to the Core Banking Solution model within the stipulated time as specified by the Reserve Bank of India and support of NABARD and Wipro. He hoped that the bank in near future will also install ATMs in the state.
The J&K State Co-operative Bank which is at the apex level of the three tier cooperative credit structure and came into establishment in the year 1917. It was originally named Srinagar Central Cooperative Bank for Srinagar and Leh Districts. It was given the structure of apex bank in the year 1954 and it got itself registered as the J&K State Cooperative Bank.
The bank offers loans for various purposes like agriculture, allied agriculture, consumer durables, public distribution system, non-farm sector activities, retail trade, housing, SHG and transport etc. to the general public of both rural and urban areas.