Co-operative Societies Key to India’s Social, Economic Rise

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Rahul Modi, Adarsh Credit Co-operative Society
Rahul Modi, Managing Director and Chief Executive Officer, Adarsh Credit Co-operative Society

The co-operative societies play a vital role in social and economic development in the country. Bringing innovation in alignment with digitisation, the Adarsh Credit Co-operative Society is working to bring sustainability and financial inclusion, says Rahul Modi, Managing Director and Chief Executive Officer, Adarsh Credit Co-operative Society, in an interview with Elets News Network (ENN).

How significant are the co-operative societies for the BFSI sector in India?

Co-operative societies play a vital role in economic progress and social development of our country. The institution of a co-operative society provides support and sustainability to the rural economic activities. These societies have helped the poor and indebted farmers to get out of poverty and clutches of the money lenders.

Adarsh Credit Co-operative Society showcased its success story on global stage during ‘Challenge Yourself to Think’ summit in Las Vegas, US. Tell us about this achievement and the way forward.

It is a matter of immense pride that Adarsh Credit Co-operative Society Ltd, India’s largest credit co-operative society presented its success story on a global stage in front of industry leaders. Adarsh Credit narrated how the rural and semirural population of India is connected through our digital financial services. I along with my Chief Technology Officer (CTO)  Mr Himanshu Shah presented how Adarsh Credit integrated IBM’s technology into the Adarsh Money app in record time of just 12 weeks to provide our members and advisors state-of-the-art futuristic Adarsh Money Mobile App.

Adarsh Credit was also the only organisation from India which got an opportunity to share its success story in Las Vegas and top industry leaders in global summit heard the inspiring story on how Adarsh Credit Cooperative Society originating from a very small city of Sirohi (Rajasthan) had achieved tremendous success by keeping digital transformation and technical upgradation at the core of its objectives.

Your organisation became the first and only co-operative society in India to partner Oxigen Services, a digital payments company for deploying micro ATMs for their agent. What prompted you to take this futuristic tech-driven step?

Adarsh Credit’s partnership with Oxigen Services was game changer in the financial landscape of rural India. With Oxigen’s Micro ATM, Adarsh Credit will reach its 2020 target of acquiring 100,000 new villages that will become financially inclusive. Adarsh Credit, being a pioneer in the co-operative space, with 100 per cent of its business through a digital framework, will now be able to provide its advisors with Oxigen’s Micro ATM services, eKYC, virtual Rupay Card, AEPS, value added services and more. This strategic tieup with Oxigen is in line with Prime Minister Narendra Modi’s directive for digitising the nation and promoting financial inclusion using Aadhaar and other digital modes.

Adarsh Credit Co-operative Society has tied up with Adobe to provide paperless financial services to its members.What more steps are you planning to take to promote digitisation?

Adarsh Credit Co-operative Society Ltd’s tie up with Adobe was a very big step towards providing paperless financial services to our members. With the integration of Adobe Sign, an e-signature solution, to their documentation process, members of Adarsh Credit will be able to carry out financial services without the usage of physical KYC and provide e- signatures through smart phones for the online forms.

Adarsh Credit is also working towards a safer and secure financial system in India through its implementation of blockchain solutions in partnership with BankChain. Blockchain is an emerging technology that has the potential to transform traditional business processes and the ways in which data is exchanged by consumers and financial institutions.

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