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Amit Shah launched NUCFDC and announced to open one Cooperative Bank in each town of India


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Cooperation Minister Amit Shah launched the NUCFDC (National Urban Cooperative Finance and Development Corporation) on March 2. The NUCFDC is an umbrella organisation that will provide technology and capital support to small urban cooperative banks.

The National Federation of Urban Co-operative Banks and Credit Societies (NAFCUB) — the apex body of the urban cooperative banks — has obtained the Certificate of Registration (CoR) for NUCFDC from the RBI (Reserve Bank of India) to function as a Non-banking Financial Company (NBFC). It is also authorized to function as a self-regulatory organization for the urban cooperative banking sector.

Shah’s Statement:

Shah expressed his satisfaction with the establishment of NUCFDC after 20 years, highlighting its significance in the present time. He praised the RBI’s approval for this initiative. Despite their potential contribution to economic growth, urban cooperative banks in India have not expanded quickly. Shah stressed the importance of NUCFDC in addressing this issue.

Objectives of NUCFDC:

Shah outlined the primary goal of NUCFDC, which is to assist urban cooperative banks in adhering to the Banking Regulations Act and introducing professionalism in their operations.

Statistics:

India currently has over 1,500 urban cooperative banks, with around 11,000 branches and a total deposit of Rs 5 lakh crore.

Event Attendees:

The event was attended by 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.

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