NABARD Drives Digital Integration of Regional Rural Banks: Transforming Rural Finance

On Monday, NABARD Chairman Shaji KV unveiled plans to integrate IT systems across recently amalgamated Regional Rural Banks (RRBs) by September 15, under the 'One State One RRB' scheme. This initiative, effective since May 1, aims to enhance scale efficiency and reduce costs.

Currently, 28 RRBs operate across 26 states and 2 Union Territories, with over 22,000 branches servicing 700 districts. At a CII event, Shaji highlighted NABARD's commitment to creating a unified digital infrastructure with RRBs, focusing on credit and government data systems to enhance services in rural areas.

Amid challenges like low internet connectivity, NABARD is collaborating with organizations to improve digital literacy and resources. Efforts are underway to digitize agricultural value chains and integrate various government schemes through cooperatives, while also addressing the rural-urban income divide with transformative financial solutions.

(With inputs from agencies.)