The Reserve Bank of India will provide financial and technical assistance for urban cooperative banks which are yet to implement or have partially implemented core banking solution. According to RBI, UCBs which have not yet implemented CBS or partially implemented CBS will be eligible for financial assistance under the scheme. RBI-constituted Institute for Development and Research in Banking Technology (IDRBT) and its subsidiary Indian Financial Technology and Allied Services (IFTAS) will provide all the technical assistance to UCBs, the regulator said. RBI will provide Rs 4 lakh for each bank to IFTAS as set up cost. Thereafter, the recurring cost of Rs 15,000 per branch per month will be borne by the UCB, it said.
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