The National Urban Co-operative Finance and Development Corporation Limited (NUCFDC), the umbrella organization for the Urban Cooperative Banks in New Delhi, was established by Union Cooperation Minister Amit Shah. The goal of this project is to enhance and modernize the urban cooperative banking industry, which will be advantageous to banks and their clients.
Speaking at the event, Mr. Shah urged all parties involved in cooperative banks to concentrate on modernization and growth in order to maintain resilience in a cutthroat market. With regard to the One Town-Own Urban cooperative bank, he expressed optimism that the organization will establish an urban cooperative bank in each town.
The Minister emphasized that in order to proceed, parties must work together. Mr. Shah asserted that urban cooperative banks are the only institution that can enable the nation’s inclusive economic development. According to him, the cooperative movement needs to be made more relevant and made sure to go the extra mile. In order to assure credibility, he pleaded with Urban Cooperative Banks to finish the paid-up capital target in a year. The Minister emphasized that while numbers are a useful tool for gauging growth, it’s also critical to look at how much more people are contributing to the nation’s growth trajectory. According to Mr. Shah, the creation of urban cooperative banks will accelerate the NUCFDC’s establishment.