Union Home Minister and Minister of Cooperation, Shri Amit Shah, inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), an umbrella organization aimed at fostering the growth of Urban Cooperative Banks (UCBs) across the country. The inauguration ceremony, held in New Delhi, saw the presence of Union Minister of State for Cooperatives B.L. Verma, and the Secretary of the Ministry of Cooperation, Dr. Ashish Kumar Bhutani, along with other dignitaries.
Addressing the gathering, Shri Amit Shah underscored the significance of providing strength to promote cooperation and mutual progress among cooperative institutions for the nation’s advancement. He highlighted that after nearly two decades of perseverance, the establishment of NUCFDC is a historic moment for the cooperative sector.
Shri Amit Shah recalled that Prime Minister Shri Narendra Modi’s visionary approach led to the creation of a dedicated Ministry of Cooperation, breathing new life into the scattered cooperative sector. He expressed confidence that with government support, the cooperative movement would progress rapidly and gain prominence in the country’s economy, transforming into a people’s movement.
He emphasized the necessity of NUCFDC as a crucial step toward self-regulation for UCBs. He asserted that the organization would play a pivotal role in the development of Urban Cooperative Banks across the nation, stressing the importance of adherence to Reserve Bank of India (RBI) regulations for credibility and sustainability.
He further outlined the goals of the umbrella organization, including the conversion of credit societies into banks, the expansion of services, and the establishment of UCBs in every city. He stressed the need for a time-bound program to achieve these objectives and urged the organization to work on making the cooperative movement more inclusive and relevant.
He also highlighted the importance of establishing a clearing system for UCBs to conduct business seamlessly across the country. He commended the current collective strength of UCBs, boasting 11,000 branches of 1,500 banks with substantial deposits and loans, and urged further enhancement and collective utilization.
Shri Amit Shah also emphasized that NUCFDC is not just an umbrella organization but a gateway to solving various challenges. He asserted that UCBs are integral to inclusive economic development, and the newly inaugurated organization would serve as a security shield for small banks, boosting depositor confidence and paving the way for further progress in the coming days.
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