National Urban Co-operative Finance and Development Corporation Limited (NUCFDC)

The Union Cooperation Minister recently inaugurated the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC).

About the NUCFDC:

• TheNUCFDC is as the umbrella organisation for Urban Cooperative Banks (UCBs), which aims to modernize and strengthen the Urban Cooperative Banking Sector, benefit banksand customers, facilitate communication between banks and regulators, address challenges, extend liquidity, and reducing costs for UCBs.
• As a self-regulatory organisation, it is registered with the RBI (Reserve Bank of India) as a non-deposit taking NBFC (Non-Banking Finance Company).
• It will support the development of UCBs in every town under the “One Town-One Urban cooperative bank” initiative.
• The formation of the NUCFDC was recommended by the Vishwanathan Committee and approved by the RBI in 2019, aligning with the government’s vision of ‘Sahakar se Samriddhi‘ and ‘Aatma Nirbhar Bharat‘.

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