Punjab becomes first state to upgrade cooperative banks to Finacle 10 core banking system

In a major step towards technological advancement in the cooperative banking sector, the SAS Nagar Central Cooperative Bank and the Ropar Central Cooperative Bank have successfully upgraded their Core Banking Solution (CBS) from Finacle 7 to Finacle 10. Under the aegis of NABARD, Punjab has become the first state in India to initiate and complete this significant digital transition within its cooperative banking network.

This milestone reflects the state’s growing commitment to modernising cooperative banks and ensuring faster, more secure, and customer-friendly banking services at the grassroots level. The achievement has been made possible under the able leadership of Chief Minister Bhagwant Singh Mann, whose focus on digital transformation and rural empowerment has provided the necessary direction and support for such reforms.

Advertisement

The successful migration was driven by the strategic leadership and support of Financial Commissioner Cooperation, Alok Shekhar, who played a vital role in steering this initiative. His guidance was instrumental in shaping the vision and execution of the project.

Speaking on the development, Financial Commissioner Cooperation Alok Shekhar stated, “The successful upgrade to Finacle 10 reflects Punjab’s commitment to strengthening rural banking infrastructure through technology. It is a major step toward delivering efficient, secure, and transparent banking services across the cooperative network. I congratulate all teams involved in achieving this milestone.”

Managing Director of the Punjab State Cooperative Bank (PSCB), Harjit Singh Sandhu, highlighted that the transition to Finacle 10 was a long-awaited move to reinforce the IT backbone of cooperative banks. He said, “With Finacle 10, our banks are now equipped to offer improved customer service, quicker transactions, and enhanced cybersecurity. This upgrade positions us to meet the evolving needs of our customers, especially in rural and agricultural sectors.”

He also extended his congratulations to the Managing Directors, District Managers, and IT teams of the SAS Nagar and Ropar District Central Cooperative Banks for their dedication and efforts in successfully implementing this complex and significant migration. Registrar of Cooperative Societies, Girish Dayalan, was also actively involved in facilitating coordination and implementation throughout the migration process.