Union Minister for Cooperation Amit Shah. File.
| Photo Credit: PTI
Cooperation Minister Amit Shah on March 2 launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) and requested the umbrella physique to arrange one urban cooperative bank in each town.
NUCFDC has obtained the RBI approval to perform as a non-banking finance firm and a self-regulatory organisation for the urban cooperative banking sector.
After the launch, Mr. Shah stated, “After 20 years, NUCFDC has been established. This is the need of the hour. I am happy the RBI has given approval for this.” Urban cooperative banks have been working in India for a very long time, however couldn’t develop quickly though they will play a key position in the nation’s financial development, he stated.
The major goal of NUCFDC ought to be to assist urban cooperative banks adhere to the Banking Regulations Act and produce professionalism in their work, the Minister stated.
There are greater than 1,500 urban cooperative banks with 11,000 branches and a deposit of ₹5 lakh crore throughout the nation, he added.
Minister of State for Cooperation B.L. Verma, Minister of State for Finance Bhagwat Kishanrao Karad, Cooperation Secretary Ashish Bhutani, and NUCFDC Chairman Jyotindra Mehta had been current on the occasion.
