In a significant move to bolster India’s urban cooperative banking sector, Union Minister of State for Cooperation, Murlidhar Mohol, is set to chair a high-level meeting today on Tuesday at 3 PM in Pune.
The gathering, organized under the aegis of the National Urban Cooperative Finance and Development Corporation Ltd. (NUCFDC), will convene at the Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) Conference Room on University Road, Ganeshkhind. The meeting aims to review NUCFDC’s progress and strategize on capital mobilization to further empower Urban Cooperative Banks (UCBs).
Talking to the Indian Cooperative. Jyotindra Mehta, Chairman of NUCFDC, emphasized the organization’s commitment to reaching its capital target of Rs 300 crore, noting that Rs 260 crore has already been secured. Funds are being collected from banks that have pledged support, with share issuances planned upon receipt.
Approximately 30 representatives from leading UCBs, including Saraswat Bank, Cosmos Bank, SVC Bank, TJSB, and Pune Janata Sahakari Bank, are expected to attend. Key dignitaries such as RBI Central Board Director Satish Marathe and Deepak Taware will also be present, underscoring the meeting’s significance.
NUCFDC, established with RBI approval as a non-banking finance company and self-regulatory organization, serves as a central body to modernize and strengthen UCBs across India. Its objectives include enhancing operational efficiency, providing IT support, and offering both fund-based and non-fund-based services to member banks .
The organization has outlined an ambitious roadmap to double UCB profits by 2029, focusing on technological adoption, governance improvements, and regulatory compliance .
Minister Mohol’s leadership in today’s meeting reflects the government’s dedication to integrating UCBs into the broader financial ecosystem, ensuring their growth and sustainability.
This strategic gathering in Pune is a pivotal step towards reinforcing the cooperative banking sector, aligning with national goals of financial inclusion and economic development.
