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New Delhi: In a significant move towards enhancing the efficiency of Cooperative Agriculture and Rural Development Banks, the Ministry of Cooperation has approved a project with a total outlay of Rs 119.40 crore. The project aims to computerize 1,851 units of Agriculture and Rural Development Banks (ARDBs), along with their branches and supervisory units.
As of now, fully functional State Cooperative Agriculture and Rural Development Banks (SCARDBs) operate in 13 States and Union Territories. The initiative is geared towards improving operational efficiency, standardizing accounting practices, and streamlining core aspects of lending, recovery, and resource mobilization.
The National Bank for Agriculture and Rural Development (NABARD) has been entrusted with the implementation of the project. NABARD will play a crucial role in developing a common national-level software tailored for ARDBs. The project encompasses the provision of hardware, support for the digitization of legacy data, and comprehensive training for employees involved in the banking system.
The objective of the digitization initiative is to bring about uniformity in the functioning of ARDBs, enabling them to navigate a digital landscape while ensuring a seamless transition in their operations. By introducing advanced technological solutions, the government aims to not only enhance the operational efficiency of these banks but also facilitate their business expansion.
In a statement released by the Ministry, it was revealed that guidelines related to the project were circulated to States and Union Territories on November 16, 2023. The Ministry has since called for proposals from the concerned regions, demonstrating a commitment to fostering a collaborative approach in the implementation of this transformative initiative.
This endeavor is poised to revolutionize the agricultural and rural banking sector, ensuring that financial services are more accessible, transparent, and technologically advanced. The digitization of ARDBs is expected to play a pivotal role in bolstering the agricultural economy and rural development, aligning with the government's vision for a digitally inclusive and economically vibrant India.