On the sidelines of the inaugural function of the International Year of Cooperatives-2025 and the launch of the corporate office of the National Urban Cooperative Finance and Development Corporation (NUCFDC) in Mumbai last week, Union Home and Cooperation Minister Amit Shah convened a pivotal meeting with selected Urban Cooperative Banks (UCBs) to discuss the future roadmap for NUCFDC.
During the meeting, Shah underscored the importance of strengthening the cooperative banking ecosystem by expanding NUCFDC’s membership base. He called for the inclusion of smaller Urban Cooperative Banks within NUCFDC’s structure to promote greater financial inclusivity.
It is worth noting that NUCFDC Chairman Jyotindra Mehta had previously shared that several prominent bankers from the UCB fraternity would hold one-on-one meetings with Amit Shah to discuss strategies for the growth and strengthening of the Umbrella Organization.
On the occasion, Shah stressed that integrating smaller UCBs would create a more representative and dynamic cooperative banking sector, capable of addressing the needs of diverse stakeholders, particularly in underserved urban and rural areas.
Shah urged urban cooperative banks that have not yet contributed to NUCFDC’s share capital to actively participate in the initiative. “It is concerning that a majority of UCBs in Maharashtra and Gujarat have yet to contribute to NUCFDC’s share capital.
I strongly encourage these institutions to step forward and collaborate with NUCFDC to enhance the cooperative banking framework nationwide,” Shah said. He emphasized that active participation from UCBs across the country is essential for creating a cohesive and robust financial network that benefits the cooperative sector as a whole.
The minister highlighted that contributing to NUCFDC would unlock significant opportunities for Urban Cooperative Banks, including improved access to financial resources, enhanced growth prospects, and the ability to offer better services to their members. He noted that this collective effort would bolster financial stability and allow the cooperative sector to play a more impactful role in the nation’s economic development.
The meeting, which lasted for over an hour, featured in-depth discussions on NUCFDC’s operational strategies and its long-term goals. Prominent leaders from leading urban cooperative banks, particularly from Maharashtra and Gujarat, were in attendance. Notable participants included Union Minister of State for Cooperation Muralidhar Mohol, NAFCUB President Laxmi Das, NUCFDC Chairman Jyotindra Mehta, Saraswat Bank Chairman Gautam Thakur, Cosmos Bank’s Milind Kale, SVC Cooperative Bank Vice-Chairman Arun D. Mavinkurve, and TJSB Sahakari Bank Chairman Sharad Gangal, among others.
The event also marked a critical juncture for NUCFDC, as it embarked on its mission to strengthen urban cooperative banks by fostering collaboration, promoting innovation, and creating a more inclusive financial ecosystem.
With the International Year of Cooperatives-2025 as the backdrop, Shah’s vision for NUCFDC sets the tone for renewed focus on empowering cooperative institutions and driving equitable financial growth across the country.
