look news india
New Delhi, March 02 (HS). Union Home and Cooperation Minister Amit Shah will inaugurate the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC), the umbrella organization for urban cooperative banks, at Vigyan Bhawan in New Delhi today.
NUCFDC has received Certificate of Registration (CoR) from the Reserve Bank of India to operate as a Non-Banking Financial Company (NBFC). This umbrella organization will be allowed to function as a Self-Regulatory Organization (SRO) for the urban co-operative banking sector. The establishment of this umbrella organization will ensure specialized functions and services for co-operative banks. This will facilitate communication between banks and regulators and address challenges faced by urban co-operative banks, such as outdated technology platforms and limited service offerings.
NUCFDC Chairman Jyotindra Mehta has said that the umbrella organization will also act as a self-regulatory organization for the urban co-operative banking sector. The approval granted by RBI to NUCFDC envisages providing a range of fund-based and non-fund-based services and state-of-the-art IT support to member UCBs.
Mehta informed that NUCFDC will be managed by a Board of Directors and CEO, who have proven expertise in their respective areas and have been appointed as per the norms prescribed by RBI. The day-to-day operations will be managed by professionals with domain knowledge in the organization powered by state-of-the-art technology on state-of-the-art IT platforms as per the provisions of the Companies Act.