Sahakar Digi Pay and Digi Loan: Digital Tools for UCBs
Why in the news
The Cooperation Minister introduced two platforms to help urban cooperative banks compete in a cashless economy.
Key facts
- Both apps are meant to modernise UCBs and improve financial inclusion against commercial and digital banks.
- Fits the Sahakar Se Samriddhi vision, Digital India and cashless economy goals.
| Feature | Sahakar Digi Pay | Sahakar Digi Loan |
|---|---|---|
| Type | Payments platform | Lending platform |
| Purpose | Real-time, secure, interoperable payments | Paperless, time-bound credit |
| Links | UPI, NEFT, RTGS, RuPay | Aadhaar, PAN, credit bureaus |
| Highlights | Instant transfers; less reliance on private fintechs | Automated appraisal; online sanction |
Exam angle
- Minister: Amit Shah (Cooperation).
- Target institutions: UCBs.