One of the leading urban cooperative banks of India-TJSB Sahakari Bank issued a Demand Draft of Rs 9 crore towards capital contribution of the National Urban Cooperative Finance and Development Corporation (NUCFDC), which will act as an Umbrella Organization (UO) for UCBs in the country.
The bank Chairman Sharad Gangal handed over the demand draft to NUCFDC CEO Atul Khirwadkar on Wednesday in the presence of TJSB Bank Vice-Chairman Vaibhav Singavi and Managing Director Subbalakshmi M. Shirali.
The Umbrella Organization is not only meant for small banks but it would also cater to capital needs, liquidity issues and asset management of the bigger UCBs. The UO’s main aim is to raise your bottom-line and help you earn more.
Earlier, while addressing the cooperators associated with the Urban Cooperative Banking sector, Union Home and Cooperation Minister Amit Shah said cooperative banks don’t hesitate to contribute to the UO. “This UO is not for you and me but for millions of small share-holders who have put their money in the UCB sector”, said Shah.
The Umbrella Organisation (UO) for Urban Cooperative Banks, is set to operate as a Self-Regulatory Organization (SRO) under the purview of the RBI. The Umbrella Organisation will play a pivotal role in providing critical IT Infrastructure and Fund-based support to UCBs.