Updated March 2nd, 2024 at 14:40 IST

Creating awareness among urban cooperative banks for regulatory compliance: Amit Shah

Home Minister Amit Shah launched NUCFDC to boost urban cooperative banking

Reported by: Business Desk
Home Minister Amit Shah launched NUCFDC to boost urban cooperative banking | Image:X- @AmitShah
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Amit Shah NUCFDC: Cooperation Minister Amit Shah inaugurated the National Urban Cooperative Finance and Development Corporation (NUCFDC) on March 2, urging the organisation to establish one urban cooperative bank in each town. NUCFDC has obtained approval from the Reserve Bank of India (RBI) to function as a non-banking finance company and a self-regulatory organisation for the urban cooperative banking sector.

Following the launch, Shah expressed satisfaction, stating, "After 20 years, NUCFDC has been established. This is the need of the hour. I am happy the RBI has given approval for this." He highlighted the long-standing presence of urban cooperative banks but noted their sluggish growth despite their potential to significantly contribute to the country's economic development.

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Shah emphasised that the primary objective should be to assist urban cooperative banks in complying with the Banking Regulations Act and in professionalising their operations. He noted that there are more than 1,500 urban cooperative banks with 11,000 branches and a total deposit of Rs 5 lakh crore across the country.

The event was attended by Minister of State for Cooperation BL Verma, Minister of State for Finance Bhagwat Kishanrao Karad, Cooperation Secretary Ashish Bhutani, and NUCFDC Chairman Jyotindra Mehta.

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(with PTI inputs)

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Published March 2nd, 2024 at 14:40 IST