Saturday marked a significant milestone in India’s cooperative sector as Union Home Minister and Minister of Cooperation, Amit Shah, inaugurated the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) in New Delhi. The ceremony, attended by Union Minister of State for Cooperatives B.L. Verma and Ministry of Cooperation Secretary Dr. Ashish Kumar Bhutani among other dignitaries, heralded a new era for Urban Cooperative Banks (UCBs) across the nation.
Besides, RBI Central Board Director Satish Marathe, Nafed Chairman Bijendra Singh, N S Vishwanathan, former RBI Deputy Governor, NCUI Deputy CE Savitri Singh, officials from Ministry of Cooperation and Finance and cooperators connected with UCBs from Kashmir to Kanyakumari were present in large number at the Vigyan Bhawan.
Addressing the gathering, Shah underscored the pivotal role of cooperation and mutual progress in driving the nation forward. He remarked on the historic occasion, noting that after nearly two decades of struggle, the establishment of NUCFDC signifies a momentous day for India’s cooperative movement.
The Home Minister stressed the importance of NUCFDC in fostering self-regulation and boosting the development of UCBs nationwide. He emphasized compliance with Reserve Bank of India (RBI) regulations as paramount for credibility and sustained growth in a competitive landscape.
Furthermore, Shah outlined the strategic objectives of NUCFDC, including the conversion of credit societies into banks and the expansion of services offered by UCBs. He emphasized the imperative of a time-bound program to establish UCBs in every city, thereby ensuring the relevance and expansion of the cooperative movement.
In a bid to strengthen the cooperative ecosystem, Shri Shah advocated for the establishment of a clearing
system for UCBs to facilitate nationwide operations. He lauded the collective strength of UCBs, boasting 11,000 branches, deposits totaling 5 lakh crore rupees, and loans amounting to 3.50 lakh crore rupees.
Shri Amit Shah reiterated the pivotal role of UCBs in fostering inclusive economic growth and empowering the common people. He emphasized the need to promote youth and startups through UCBs, aligning with Prime Minister Modi’s vision of inclusive economic development.
In conclusion, Shri Shah affirmed NUCFDC as a safeguard for small banks, instilling confidence in depositors and paving the way for further progress in the cooperative sector.
As the nation embarks on this new chapter in cooperative finance, the launch of NUCFDC signifies a concerted effort towards a more resilient and inclusive financial ecosystem, driving India towards its aspirations of economic prosperity.
Shah also highlighted the transformative vision of Prime Minister Narendra Modi in elevating the cooperative sector, culminating in the creation of a dedicated Ministry of Cooperation. He emphasized the need to consolidate efforts under this ministry to propel the cooperative movement towards rapid advancement and economic prominence.
The newly elected Chairman of Nafcub Laxmi Das proposed a vote of thanks and vowing to achieve Modi vision of ‘Sahakar Se Samridhi through Umbrella Organization.
