VSoft Technologies digitises 3-tier cooperative credit structure in Odisha

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 within one year of assigning the IT implementation project to VSoft Technologies, thus becoming the first and the only state in the country to reach this milestone.

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 2,600

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 & Rural Development (Nabard) undertook an assessment study of the scope, coverage and implementation of the IT enablement of PACS in Odisha 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.

Murthy Veeraghanta, Chairman & CEO of Vsoft Technologies said, “We are indeed privileged to be part of 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.”