Amit Shah: The National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), an umbrella body for urban cooperative banks (UCB), was officially opened on March 2 by Union Home and Cooperation Minister Amit Shah.
Shah Highlights Necessity of NUCFDC for UCB Growth
According to Shah, the establishment of the organisation was imperative at the time and signalled a fresh start for self-regulation, which would greatly accelerate the growth of UCBs across the nation.
“It is necessary that we upgrade ourselves and adhere to all the regulations of the Reserve Bank of India. If we fail to do so, we will not be able to sustain the competition in the times to come,” Shah said.
NUCFDC’s Pivotal Role in Preparing Small Banks for Compliance
He emphasised that one of the main responsibilities of the umbrella group is to get small banks ready for compliance with the Banking Regulation Act. “Our goal should be to open urban cooperative banks in every city,” Shah said.
According to the Minister of Cooperation, the organisation boasts 1,500 banks, 11,000 branches, deposits of ₹5 lakh crore, and loans totaling ₹3.50 lakh crore. He continued by saying that although the nation’s UCBs have brought their net non-performing assets (NPA) down to 2.10%, more needed to be done.
