One of the important takeaways from the AGM of Nafcub held last weakened in Delhi was the announcement that the National Cooperative Development Corporation NCDC has pledged Rs 200 crore for the proposed Umbrella Organization of urban cooperative banks.
DN Thakur, Joint MD of NCDC who is in the committee assigned to work out a blue-print for an Umbrella organization for UCBs is active these days on this front, say sources.
The proposed Umbrella organization will have a base capital of Rs 500 crore much like NCUI’s Corpus Fund which was started at the behest of the legendry Sisodia who solved the issue of fund crunch at the apex co-op body by this master stroke, recalls old-timers.
As in the case of NCUI, the idea gaining traction in the formation of Umbrella Organization is to have half the fund from the govt and half from the cooperative sector which in this case is urban cooperative banks.
Senior cooperator Jyotindra Mehta, talking about umbrella organization said” let us come together; let’s forget our differences and work to make it a reality.” He also advised fellow cooperators to forget narrow political loyalties when it comes to cooperatives.
On Umbrella organization Mehta said it is useful for both small and large banks. Most of our issues with RBI would vanish if we have an Umbrella bank which would control us as well as be controlled by us, he stated.
Large UCBs can have access to fund through Umbrella organization, and the issues of technology and security of small UCBs could be addressed by collective action, he added.
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