Amit Shah launches umbrella body for urban co-op banks

Shah said after 20 years of struggle, NUCFDC has been established, which was a necessity of time and marks a new beginning for self-regulation. The organisation, he said, will boost development of urban cooperative banks.

By: Express News Service

New Delhi | March 3, 2024 04:05 AM IST

1 min read

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On NDA government’s initiatives to develop the cooperative sector, Shah said efforts are being made to transform cooperative movement into a people’s movement.

Union Home Minister and Minister of Cooperation Amit Shah Saturday inaugurated the National Urban Cooperative Finance and Development Corporation Limited, an umbrella organisation for urban cooperative banks.

On NDA government’s initiatives to develop the cooperative sector, Shah said efforts are being made to transform cooperative movement into a people’s movement. He said a major role for the umbrella organisation is to prepare small banks for compliance with the Banking Regulation Act. He said cooperative banks have a “significant” strength of 11,000 branches of 1,500 banks with deposits of Rs 5 lakh crore. He said urban cooperative banks have reduced its net NPA to 2.10%, which needs to be improved.

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