In the coming time, an urban cooperative bank will be established in every city. For this, Cooperative Minister Amit Shah launched the National Urban Cooperative Finance and Development Corporation (NUCFDC) on Saturday. The Union Minister said that urban co-operative banks should advance themselves in providing ATM facilities, issuing credit/debit cards, clearing systems and maintaining SLR (Statutory Liquidity Ratio) limits. According to language news, RBI has approved NUCFDC to work as a self-regulated organization for non-banking finance company and urban co-operative banking sector.
NUCFDC established after 20 years
According to the news, Amit Shah said that the National Urban Cooperative Finance and Development Corporation has been established after 20 years. This is the need of the hour. I am happy that RBI has given approval for this. He said that urban cooperative banks have been working in India for a long time, but they could not grow rapidly.
He said that if NUCFDC was already in place, some urban co-operative banks would not have suffered losses. Shah said that several discussions were held in this regard and the Vishwanathan Committee reports also emphasized the need for a body linking urban co-operative banks.
Can play a role in the economic growth of the country
Shah further said that these banks can play an important role in the economic growth of the country. The main objective of the National Urban Cooperative Finance and Development Corporation should be to help the urban co-operative banks to comply with the Banking Regulation Act and to professionalize them. He said there are more than 1,500 urban cooperative banks in the country with a total of 11,000 branches and deposits worth Rs 5 lakh crore. Minister of State for Cooperation BL Verma, Minister of State for Finance Bhagwat Kishanrao Karad, Cooperation Secretary Ashish Bhutani and NUCFDC Chairman Jyotindra Mehta were present in this program.
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