During the inauguration of the umbrella organization for Urban Cooperative Banks (UCBs), the National Urban Cooperative Finance and Development Corporation (NCUFDC), held on Saturday at Vigyan Bhawan, Union Home and Cooperation Minister Amit Shah urged the newly formed committee of the UO to assist credit cooperatives in converting themselves into banks.
“Nafcub, in general, and the Umbrella Organization, in particular, should shortlist those credit cooperatives with strong financial parameters and encourage them to transition into banks,” Shah emphasized.
He further highlighted that the conversion of credit societies into cooperative banks would contribute to the goal of establishing one urban cooperative bank in each town. Shah stressed the importance of expanding the services and numbers of credit societies and urban cooperative banks.
Shah also stated that to expand and strengthen the roots of the cooperative movement, it is the responsibility of the umbrella organization to bolster urban cooperative banks.