Union Home and Cooperation Minister Amit Shah has urged the National Urban Cooperative Finance and Development Corporation (NUCFDC) to make its membership fee more affordable for small and single-branch Urban Cooperative Banks (UCBs).
Addressing the ‘Sahkar Nav-Kranti’ programme at the BSE International Convention Centre in Mumbai, Shah called upon all UCBs to join the Umbrella Organisation and its Security Operations Centre, stressing that membership is crucial to protecting banks, customers and depositors from digital and cyber threats.
Shah suggested that the membership fee should be linked to the number of branches operated by a bank, ensuring that even small, single-branch UCBs can afford to join.
He said the Umbrella Organisation’s objective is not profit-making but to strengthen UCBs, help them compete nationally and globally, and provide support during times of crisis.
Shah said around 650 of the country’s 1,400 UCBs have so far joined the Umbrella Organisation. He urged UCB federation chairpersons and office-bearers to ensure 100% UCB membership in the NUCFDC network within the next year.
