Union Home and Cooperation Minister Amit Shah will launch National Urban Co-operative Finance and Development Corporation Limited, the Umbrella organization for the Urban Cooperative Banks in New Delhi tomorrow. The setting up of the umbrella organization is another milestone in achieving the goal of ‘Sahakar se Samriddhi’ to make ‘Aatma Nirbhar’ Bharat. This initiative aims to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers.
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 organization for the urban cooperative banking sector. In addition to this, it will be allowed to operate as a Self-Regulatory Organization for the sector.
NUCFDC will ensure specialized functions and services to cooperative banks, facilitate communication between banks and regulators, and address challenges faced by Urban Cooperative Banks.
