(THE GIST OF PIB) National Urban Co-operative Finance and Development Corporation

(MARCH-2024)

Recently, the Union Cooperation Minister launched the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC).

It is the umbrella organisation for the Urban Cooperative Banks.
Aim: It aims to ensure specialized functions and services to cooperative banks, facilitate communication between banks and regulators and address challenges faced by Urban Cooperative Banks.
Also to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers.
It has received a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Finance Company
It will also operate as a Self-Regulatory Organisation for the sector.

UCBs are registered as cooperative societies under the provisions of either the State Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act, 2002.
They are regulated and supervised by the Registrar of Cooperative Societies (RCS) of State concerned or by the Central Registrar of Cooperative Societies (CRCS), as the case may be.
They primarily operate in urban and semi-urban regions of India.