UCBs asked to join NUCFDC for tech support, RBI is proactive towards sector: Amit Shah
Union Cooperation Minister Amit Shah has urged Urban Cooperative Banks (UCBs) to join the National Urban Cooperative Finance and Development Corporation Limited for technological support. He also praised the RBI for its proactive regulatory approach and recent liberalization of policies for the cooperative sector.
Why it matters
Strengthening the cooperative banking sector is a key government priority to improve financial inclusion and depositor confidence.
Days after the Reserve Bank of India (RBI) decided to resume issuing licenses to urban cooperative banks (UCBs), Union Cooperation Minister Amit Shah on Saturday asked the UCBs to join the umbrella body of National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) for technological support and increasing the confidence of depositors.
Announcing that NUCFDC will soon be shifted to Maharashtra from New Delhi, Shah, who is also the Home Minister, asked the UCBs to look at RBI from a different viewpoint as it has proactively helped the sector in recent times.
“Drawing on my experience, I can say the RBI has always proactively helped us whenever we look forward to them. RBI and UCBs have different standpoints, from which we have to come out,” said Mr. Shah, while speaking at the ‘Sahakar Nav-Kranti Melava’ programme, where he inaugurated a new office building of the NUCFDC in Mumbai.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in