magazine

NAFCUB
NATIONAL FEDERATION OF URBAN COOP. BANKS & CREDIT SOCIETIES LTD.
B-14, 3 rd Floor, A- Block Shopping Complex, Naraina Vihar, Ring Road, New Delhi-110028,
Telephone : 91 – 11 – 25771170 , 25770108 Fax : 01 – 11 – 25779710
MESSAGE
I am extremely happy to note that NAFCUB and B2B have come together to organise a seminar for urban
cooperative banks on the subject “ Beyond Conventional Banking: Critical for Survival & Growth” in
Mumbai.
Banking sector across the world has never before seen such disruptive changes in the financial sector as is
being witnessed in the last, say, 3 to 5 years. These disruptive changes are driven by technology
communication that has simply turned the life of every individual on its head. Nothing is now as was before.
In this context, the ‘conventional’ banking system , of which urban cooperative banks are an integral part,
has been going along at a comfortable pace over the decades, seeing and absorbing slow and steady changes
in relative comfort zone.
Banking sector comprising of public sector banks, private sector banks,( old and new),cooperative banks and
others forming the conventional banks doing conventional banking have been virtually stormed by the new
fin-tech companies who have appeared in the scene and have rewritten many of the norms of banking
services. They popularly proclaim themselves as technology companies who ‘also do banking’.
Bigger commercial banks have now embarked upon looking seriously ‘beyond conventional banking. They
are large enough and have the financial resources to reinvent themselves in a manner they can survive the
disruption and grow.
For smaller cooperative banks it is a big challenge. In fact, it is an existentialist challenge which they can
face if only they come together and network themselves in a meaningful way. The visible challenges are of
adoption of ever changing technology, investing in cyber security measures, investing in manpower that is
equipped to cater to needs and aspirations of today’s youth, without whose participation and patronage, the
cooperative banks will become irrelevant and working further on their traditional strength of local feel and
focus on catering to those sections of society which are not able to access mainstream banks easily.
I am sure the seminar will focus on all these important issues.
H K PATIL
CHAIRMAN, EMERITUS
NAFCUB
6 B2B INFOMEDIA 3 RD ALL INDIA UCB SUMMIT 2019