Union Home Minister Amit Shah will inaugurate the umbrella organisation for the Urban Cooperative Banking (UCB) sector on 2nd March, 2024 in New Delhi.
Jyotindra Mehta, Chairman, National Urban Cooperative Finance and Development Corporation (NUCFDC) announced that consequent upon the Reserve Bank of India (RBI) issuing the Certificate of Registration (CoR) to NUCFDC to function as an NBFC and become the umbrella organisation for the sector will be formally launched on 2nd March, 2024, in New Delhi, and be graced by Union Home and Cooperation Minister Amit Shah.
The UCB sector to have its umbrella organisation that will provide facilities of fund-based and non-fund-based support to the urban banks, had been discussed for nearly two decades.
According to a press release, RBI itself has taken the initiative in encouraging the sector to have its umbrella organisation. Based on the guidance of RBI, NAFCUB submitted a proposal that was approved and the UO by the name of National Urban Cooperative Finance and Development Corporation (NUCFDC) has been promoted by the sector.
“The RBI has already granted some relaxations/regulatory concessions to UCBs for subscribing to NUCFDC,” the press release mentioned.
