Union Home and Cooperation Minister Amit Shah today launched the National Urban Cooperative Finance and Development Corporation (NUCFDC), an umbrella organisation for Urban Cooperative Banks (UCBs) at Vigyan Bhawan, New Delhi. Speaking during the inauguration, he emphasised on “cooperation among cooperators.”
He said that the development of a country like India is measured by the number of people who participate and contribute in the Gross Domestic Product (GDP) of the country.
“This umbrella organisation is also the beginning of selfregulation,” he said.
Besides, he also stressed on upgrading working systems of UCBs to stay relevant and stable in the long run. To keep the cooperative movement alive, he said, “It is necessary to expand this movement, and this is what the umbrella organisation will do in the days to come.”
Calling the umbrella organisation a solution to the problems of UCBs, Shah also mentioned that these are going to be a great push for startups as well.
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