UST launches Core Banking Software for Cooperatives

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Tvm: Technopark based UST Global has launched a Cooperative Bank Management System (CBMS) developed jointly with the National Council for Cooperative Training (NCCT). The CBMS was launched formally by Shri C H Amin, President (National Cooperative Union of India) and Chairman, NCCT at a function held in Trivandrum today.

The CBMS aims to bring new age core banking solutions to Cooperative Banks at an affordable price. Speaking at the launch, Dr. Paranjothi, Secretary NCCT mentioned the challenges faced by smaller banks and said this product will address their need to get core banking software of the highest quality with good support. Murali Gopalan, Sr. VP & Jt. CIO, UST Global said, “UST feels proud in extending the benefits of IT to the cooperative sector and this would bring about a transformation of people at the grass root level”.

The CBMS is RBI, CAS & KYC compliant and meets the functional and regulatory needs of Primary Agricultural Cooperatives including ATM interface, Internet and SMS banking. The CBMS is being implemented in 3 banks in Kerala. Developed in about 18 months, UST would need about 1000 licenses to breakeven. The total cost of ownership will be kept low with a pricing of about Two lakhs per branch with no charge for the Head Office. There are 1642 district cooperative banks in Kerala alone and UST is looking at a pan India presence with the help of NCCT and NCUI.

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