In a significant move to strengthen cybersecurity in the cooperative banking sector, the Maharashtra State Cooperative Bank (MSC Bank) has inaugurated India’s first dedicated cybersecurity operations centre (C-SOC) for cooperative banks. Located in Vashi, Navi Mumbai, the facility—named Sahakar Suraksha—has been established at a cost of ₹50 crore.
The initiative aims to protect cooperative banks and their customers from escalating cyberattacks. According to MSC Bank Chairman Vidyadhar Anaskar, the sector has seen over 1 million cyberattacks in recent years, leading to financial losses in the hundreds of crores. A single fraud incident alone caused a loss of ₹50 crore.
A shared defence model for under-resourced banks
Recognising that many rural and cooperative banks lack the technical expertise and financial capacity to build individual security infrastructure, MSC Bank has adopted a shared services model. The C-SOC offers 24/7 surveillance and real-time threat detection, free of charge, to 31 district central cooperative banks across Maharashtra.
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The centre is powered by an AI-based threat monitoring system capable of identifying both known and emerging cyber threats. Staffed by 35 trained professionals operating in rotational shifts, the system has already helped avert breaches—most notably, a recent incident in Sindhudurg where early warning prevented financial loss.
Anaskar emphasised the cooperative spirit of the initiative, calling it a model for other states to follow. Plans are underway to provide cyber hygiene training for member bank staff to enhance readiness across the ecosystem.
Setting a precedent for digital banking resilience
With the growing digitalisation of financial services and AI’s expanding footprint in banking operations, MSC Bank views this facility as essential rather than optional. The centre combines real-time protection with preventive education, aiming to reduce sector-wide vulnerability.
As cyber risks grow more sophisticated, Sahakar Suraksha marks a milestone in proactive, sector-led cyber resilience for India’s cooperative financial institutions.
