Panaji: The Goa State Co-operative Bank Ltd aims to introduce UPI payments and netbanking for its account holders by March-end as part of a phased plan to complete its digital banking integration. The state’s apex cooperative bank has already launched a mobile banking app, which received approval from Reserve Bank of India (RBI), to expand its reach among younger customers.Bank chairperson Pandurang Kurtikar said on Monday that the next steps include securing an independent IFSC code, followed by the introduction of IMPS payments, UPI and netbanking.The bank currently operates using Yes Bank’s IFSC code and has submitted a proposal to RBI for an independent code. “We have applied for an IFSC code and we are expecting that we will be getting that also from the RBI. After that we will pursue IMPS payment, then UPI and netbanking, and this will go step by step,” a bank official said.Kurtikar said the mobile banking app received RBI approval after the bank fulfilled the prescribed criteria. Bank officials said they had spent the past two years developing the app and securing the necessary permissions.Alongside its digital expansion, the bank is working to bring its net non-performing assets (NPA) down from 2.83% to zero, in line with the state govt’s mandate.Kurtikar said the bank had remained profitable for the past three years, reporting a profit of Rs 9.2 crore in the last quarter. As of March 31, its Capital to Risk-Weighted Assets Ratio (CRAR) stood at 12.05%, above the RBI-mandated minimum of 10%, while its gross NPA was 4.69%.The bank had been on the verge of coming under RBI restrictions several years ago. However, Kurtikar said its financial position had since improved.“The bank is in a comfortable position right now. The bank is fulfilling all the criteria,” he said.Bank officials said cybersecurity, digital fraud and other banking scams remain key concerns for RBI, resulting in stringent checks before banks are permitted to offer netbanking, mobile banking and other digital services.The bank is also stepping up efforts to promote govt schemes among its customers, cooperative societies, self-help groups and small entrepreneurs.
