Last updated on March 21st, 2024 at 04:17 pm
Estimated reading time: 2 minutes
Union Home Minister and Minister of Cooperation, Amit Shah, marked a historic moment as he inaugurated the National Urban Cooperative Finance and Development Corporation (NUCFDC) in New Delhi. The establishment of NUCFDC, an umbrella organization for Urban Cooperative Banks (UCBs), signifies a new era of self-regulation and advancement for the cooperative sector.
“Addressing the gathering, Amit Shah emphasized the transformative role of the Ministry of Cooperation, spearheaded by Prime Minister Narendra Modi, in revitalizing the cooperative movement. Shah underscored the importance of consolidating the cooperative sector under a dedicated ministry to drive economic progress and empower grassroots participation in development initiatives”.
Shah outlined the key objectives of NUCFDC, emphasizing its role in enhancing the regulatory compliance and credibility of UCBs. He stressed the need for UCBs to adhere to Reserve Bank of India (RBI) regulations to sustain competitiveness and ensure long-term viability in the banking sector.
Furthermore, Shah outlined NUCFDC’s mandate to facilitate the conversion of successful credit societies into banks, expand banking services in urban areas, and promote financial inclusion. He emphasized the organization’s commitment to providing support and resources to small banks, fostering dialogue between banks and regulators, and enhancing communication within the banking sector.
“Highlighting the collective strength of UCBs, Shah emphasized the need to establish a clearing system to facilitate nationwide banking operations. He urged stakeholders to leverage the substantial deposits and loans managed by UCBs to strengthen the banking system and promote economic growth”.
Amit Shah reiterated the pivotal role of UCBs in promoting inclusive economic development and empowering local communities. He expressed confidence in NUCFDC’s ability to catalyze progress, instilling confidence among depositors and driving further advancements in the cooperative banking sector.
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