Union Home and Cooperation Minister Amit Shah has unveiled a major technology and institutional push to modernise India’s Urban Cooperative Banking sector, launching the Security Operations Centre and ‘Bank in a Box’ services under the National Urban Cooperative Finance and Development Corporation (NUCFDC). Shah said the model will enable even small, single-branch UCBs to offer modern banking services without incurring high technology costs. Shah urged all 1,400 UCBs to join the Umbrella Organisation and its Security Operations Centre. At present, around 650 UCBs have joined the Umbrella Organisation, representing nearly half of the sector. Explaining the economic rationale behind the Umbrella Organisation, Shah said collective procurement of software, technology and related services will significantly reduce costs.