The Goa State Co-operative Bank plans to introduce UPI payments and netbanking for its account holders by March 31, following the phased rollout of mobile banking, an independent IFSC code and IMPS services.
The state’s apex cooperative bank currently operates using Yes Bank’s IFSC code and has submitted a proposal to the Reserve Bank of India for an independent code. Bank chairperson Pandurang Kurtikar said the bank expects to secure the code before moving to the next stages of its digital integration.
“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.
The bank has already launched a mobile banking application after receiving RBI approval. Officials said the application was developed over the past two years and that the bank had to meet the prescribed requirements and secure the necessary permissions before its rollout. The app is intended to expand the bank’s reach, including among younger customers.
The planned services would allow customers to access a wider range of routine banking functions digitally. The bank has not yet provided a detailed public schedule for each stage, but its stated sequence is to obtain the independent IFSC code, introduce IMPS payments and then add UPI and netbanking by the March-end target.
The digital expansion is taking place alongside efforts to strengthen the bank’s financial position. Bank officials said the institution has remained profitable for the past three years and reported a profit of Rs 9.2 crore in the last quarter. As of March 31, its Capital to Risk-Weighted Assets Ratio stood at 12.05%, above the RBI-mandated minimum of 10%.
The bank’s gross non-performing asset ratio was 4.69%, while its net NPA stood at 2.83%. Officials said the bank is working to reduce net NPAs to zero in line with the state government’s mandate. Kurtikar said the bank’s financial position had improved after it was previously close to coming under RBI restrictions. “The bank is in a comfortable position right now. The bank is fulfilling all the criteria,” he said.
Cybersecurity, digital fraud and other banking scams remain key concerns during the approval process for mobile banking, netbanking and related services. Bank officials said stringent checks by the RBI are intended to ensure that institutions have the required systems and safeguards before expanding digital operations.
The bank is also promoting government schemes among cooperative societies, self-help groups, small entrepreneurs and its wider customer base. The next formal milestone is the RBI’s decision on the bank’s application for an independent IFSC code, after which the institution plans to proceed with IMPS, UPI and netbanking integration.
