VSoft Technologies Has Successfully Digitised the Three-Tier Co-Operative Credit Structure in the State of Odisha
Business Wire India
- Odisha becomes the first State in the country to achieve this distinction
- Over 2500 Primary Agriculture Credit Societies digitally linked to District Co-operative Central Banks through VSoft’s Core Banking Platform
VSoft Technologies, a global provider of information and technology solutions for financial institutions, has successfully digitised the entire three-tier Co-operative Credit Structure in the State of Odisha. The State has achieved this landmark achievement within one year of assigning this IT implementation project to VSoft Technologies, thus becoming the first and the only State in the country to achieve this feat.
As a technology partner, VSoft Technologies deployed its Core Banking Solution ‘ WINGS’ and integrated web-based open source software solution ‘ ROOTS’, through Odisha State Co-operative Bank (OSCB), thus empowering 17 District Co-operative Central Banks (DCCB), 360 Branches and 2600 Primary Agriculture Credit Societies (PACS). Computerisation of PACS not only ensured faster processing of agriculture loans as eligibility checks are done in real-time, but also enabled farmers to withdraw the sanctioned loan amount using Rupay Enabled Kissan cards issued by DCCB.
National Bank for Agriculture and Rural Development (NABARD) has undertaken an assessment study of the scope, coverage and implementation of the IT enablement of PACS in the Odisha State at the beginning of this year. The assessment study, by NABARD with support from senior officials of the Odisha State Co-operative Bank, was conducted in Similpur PACS, Head Office of Banki DCCB and other branches, showed the unique information processing capability built up and very positive results of the implementation. The officials witnessed farmers withdrawing sanctioned loan amounts on real-time basis using Kissan Credit Cards, not only from ATM machines installed at DCCB banks, but also from Nationalised Banks, and Private Banks. The transactions in the relevant books of DCCB and PACS were recorded on real-time basis through online integration and found to be 100% accurate. Such seamless online integration of PACS operations with DCCB using VSoft Technologies IT solutions were highly appreciated by the NABARD and OSCB officials and is recognised as a first-of-its-kind in the country in the Co-operative Credit Structure.
Mr. Murthy Veeraghanta, Chairman& CEO – Vsoft Technologies said, “We are indeed privileged to be part of a such great initiative undertaken by the Odisha Government. Now Odisha is the only State in the country to have over 2500 PACS with digitised data linked to a Core Banking Platform.”
“ROOTS software brought the flexibility and transparency in the KCC loan system, thus empowering farmers to withdraw the loan amount at their convenience and also have firsthand information about their financial transactions,” he further added.
Implementing new age technologies and computerisation of the Co-operative Credit Structure by the Odisha Government will change the way the financial transactions are done at the grass root level. Over 16 lakh Rupay Kissan Cards powered by VSoft’s ROOTS software have already been issued to the farmers who are members of PACS so far.
It is significantly noted that during the Kharif and Rabi seasons last year, the PACS undertook procurement of Paddy on very significant scale, on behalf the State Civil Supplies Corporation, MARKFED and TDCC, with the amounts due to the farmers settled through Direct Benefit Transfers (DBT) to their accounts through the OSCB/DCCBs to the tune of Rs. 8,000 Crores. In the ongoing Kharif season such DBT payments have already recorded to the extent of Rs. 5,244 crores.
VSoft Technologies played a critical role in turning this project into reality within a record time and such large-scale IT integration of PACS would not have been possible without the support from Government of Odisha, OSCB, NABARD and other partners in the system. Having noted various parameters, highlights of the project and implementation procedures, NABARD has taken this initiative of Odisha Government as a case study for emulation in other States at the national level.