Union Home Minister Amit Shah Inaugurates NUCFDC, Envisions Progress for Urban Cooperative Banks

New Delhi: Union Home Minister and Minister of Cooperation, Amit Shah, inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in New Delhi today. This landmark initiative serves as an umbrella organization for Urban Cooperative Banks (UCBs) and is poised to play a pivotal role in fostering cooperation and mutual progress among these institutions.

In his address, Amit Shah highlighted the significance of providing strength to cooperative institutions for the collective advancement of the sector. He underscored the historic moment as the establishment of NUCFDC, after nearly two decades of effort, and expressed its auspicious significance.

Shah acknowledged Prime Minister Narendra Modi’s visionary move to establish a separate Ministry of Cooperation, breathing new life into the cooperative sector. This dedicated ministry, formed after 75 years of independence, aims to give the cooperative movement a unifying platform and integrate it into the broader national development agenda. The Union Home Minister emphasized the government’s efforts to transform the cooperative movement into a people’s movement, ensuring widespread participation in the country’s development.

The inauguration of NUCFDC marks a new beginning for self-regulation, and Shah anticipates a manifold increase in the development of Urban Cooperative Banks across the country. He stressed the importance of adhering to Reserve Bank of India (RBI) regulations for credibility and sustainability in the competitive landscape. Shri Shah envisioned an expansion of urban cooperative banks in every city as a key objective.

The Union Home Minister outlined the significant role of NUCFDC in preparing small banks for compliance with the Banking Regulation Act. He emphasized the need to establish a system for converting well-performing credit societies into banks and expanding the services and numbers of credit societies and urban cooperative banks. Shri Shah called for a time-bound program to establish Urban Cooperative Banks in every city, ensuring the continued relevance and expansion of the cooperative movement.

Amit Shah highlighted NUCFDC’s role in providing facilities to small banks, facilitating dialogue between banks and regulators, and improving communication. He emphasized the organization’s responsibility to make the boundaries of the cooperative movement broad and inclusive. Shri Shah advocated for the establishment of a clearing system for Urban Cooperative Banks to conduct business across the country.

In conclusion, Amit Shah declared NUCFDC as not only an umbrella organization but also a gateway to solving various challenges. He asserted that Urban Cooperative Banks are vital for the progress of common people and emphasized their role in inclusive and comprehensive economic development. Shri Shah expressed confidence that NUCFDC would serve as a security shield for small banks, boosting depositor confidence and contributing to further progress in the cooperative sector.