KATHMANDU: A tripartite agreement has been signed between Global IME Bank Limited, Rastriya Sahakari Bank Limited and Smart Choice Technologies Limited for the issuance of Coop Card for cooperatives.
The agreement was signed by Ratna Raj Bajracharya, Chief Executive Officer of Global IME Bank, Narayan Prakash Bhuju, Chief Executive Officer of Smart Choice Technologies (SCT) and Badri Kumar Guragarin, Chief Executive Officer of Rastriya Sahakari Bank amidst a function in Kathmandu on Sunday.
Considering the growing role and turnover of the cooperatives, the cooperatives are also going to issue new ATM Cards under the sponsorship of Global IME Bank. The GIMB is the sponsor for Coop Card and ATM Card.
Under the sponsorship of Global IME Bank, its member cooperatives through the National Cooperative Bank will issue Coop Card. For this, SCT has been using China Union Pay (UPI).
In order to make it more effective by providing services to all the members of the cooperative, in collaboration with Rastriya Sahakari Bank Limited, it is going to issue the same Coop Card to all the cooperatives affiliated to the bank. The card thus provided will be based on international standard chip card and contactless technology and can be easily operated through Nepal and India.
After this cooperation, all the cooperatives can contact the National Cooperative Bank Limited and issue their card.
This facility will increase the confidence of the members towards the cooperatives, reduce the cash transactions and mobilize the savings formally and financial services will be available 24 hours a day.
It is hoped that this co-operation will further enhance the co-operative sector’s access to payment systems and electronic transactions, freeing them from the obligation to go to the bank for ordinary banking transactions and further contribute to the development of co-operatives.
