STC, National Cooperative Bank and Global IME launched coop cards service

5th Aug, 2022 | Tourism Mail Crew

KATHMANDU, Aug 05: SmartChoice Technologies Limited (SCT), National Cooperative Bank and Global IME Bank have launched Coop Cards for Cooperatives.

Since SCT has been providing ATM card services to banks and financial institutions for the past 20 years, now the service of co-op cards with cooperative identity has started for cooperatives.

According to these institutions, the collaboration between Rashtriya Sahakari Bank Limited and Global IME Bank Limited was inaugurated at a ceremony organized on the occasion of the 20th foundation day of Rashtriya Sahakari Bank Limited.

In accordance with the policy and instructions of Nepal Rastra Bank, this SmartChoice Technologies Limited has been providing its services through ATM card, smart QR and mobile banking in the overall payment system and in electronic transactions.

It is mentioned in the statement issued by the organization that until now, only banks and financial institutions have been providing facilities, taking into consideration the role and business of cooperatives that are increasing, the technology and process that cooperatives can easily issue ATM cards at minimum cost has been arranged.

"Even though SCT has provided card services to more than 100 cooperatives for some time now, in order to make it more effective and to provide services to all members of the cooperative, in collaboration with Rashtriya Sahakari Bank Limited, all the cooperatives affiliated to the bank are going to be put into operation by issuing cooperative cards of the same brand," said the statement. 6, 'The card provided in this way will be based on international level chip card and contactless technology and can be used easily from any location in Nepal and India.'

According to the bank, cooperatives will issue this co-op card through National Cooperative Bank under the sponsorship of Global IME Bank. Along with this, all cooperatives can easily contact Rashtriya Sahakari Bank Limited and issue a cooperative card.

After the co-operatives distribute the co-op card to their members, the members of the co-operative can withdraw money from their co-operative's account at any time and anywhere through the ATM, and they can purchase any service or item through the post office.

Due to this facility, the trust of the members towards the cooperative will increase, cash transactions will be reduced and savings will be mobilized formally and financial services will be available 24 hours a day. It is hoped that this cooperation will increase access to the payment system of the entire cooperative sector and electronic transactions, and will relieve the need to go to the bank for ordinary banking transactions, and contribute more to the development of cooperatives.

Addressing the card launch program as the chief guest, Shashi Shrestha, Minister of Land Management, Cooperatives and Poverty Alleviation, said that the government is taking the goal of building a society free of exploitation by achieving rapid economic growth through maximum utilization of available resources through the participation and development of the public, private and cooperative sectors. .

On behalf of Rashtriya Sahakari Bank Limited, Chief Executive Officer Badri Kumar Guragain presented a report on the importance and utility of technology in cooperatives and expressed his belief that through this service, cooperatives will be given more technical facilities for electronic transactions and will make cooperatives more comfortable.

On behalf of Global IME Bank Limited, Chief Executive Officer Ratnaraj Bajracharya, in his speech, expressed his happiness that Global Bank was able to participate in this collaboration and provide some support to the cooperative sector as well.

Suman Pokharel, Chairman of SmartChoice Technologies Limited, expressed his belief that joining the cooperative sector in the electronic payment system will diversify the overall services of the cooperative sector.

Three cooperatives namely Tarapunj Multipurpose Cooperative Limited, Munal Saving and Credit Cooperative Limited and Friends Saving and Credit Cooperative Limited were awarded in the Coop Card Public Program.