Union Cooperation Minister Amit Shah today launched the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC), the Umbrella organisation for the Urban Cooperative Banks in New Delhi. This initiative aims to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers.
Speaking on the occasion, Mr. Shah called upon all stakeholders of the cooperative banks to focus on modernisation and expansion to ensure resilience in a competitive market. He expressed confidence that the organisation will develop an Urban cooperative bank in every town under the One Town-Own Urban cooperative bank.
The Minister emphasised the need for cooperation between stakeholders for moving forward. Mr. Shah said that inclusive economic development of the country is only possible through Urban cooperative banks. He said that the cooperative movement should be made relevant and ensure that it reaches the last mile. He appealed to Urban cooperative banks to complete the target of the paid-up capital within one year to ensure trustworthiness. The Minister stressed that statistics cannot be the only parameter to measure growth, it is important to find out the increase in people’s participation in the growth trajectory of the country. Mr Shah said that the development of urban cooperative banks will propel upon the establishment of the NUCFDC.
The Ministry said that the setting up of the umbrella organisation is another milestone in achieving the goal of ‘Sahakar se Samriddhi’ to make ‘Aatma Nirbhar’ Bharat. As per the Ministry, NUCFDC has received a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Finance Company and serve as the umbrella organisation for the urban cooperative banking sector. In addition to this, it will be allowed to operate as a Self-Regulatory Organisation for the sector. NUCFDC aims to ensure specialized functions and services to cooperative banks, facilitate communication between banks and regulators, and address challenges faced by Urban Cooperative Banks.
