RBI’s plans for an umbrella organisation to help urban co-operative banks will come to fruition in 2024, reports Telegraph Online. The apex bank will give the National Urban Co-operative Finance and Development Corporation, an NBFC which has been registered under company act by March.
“Our aim then is to reach a capital base of Rs 300 crore which is the bare minimum that is understood as the requirement to start the organisation,” said Raja Debnath, managing partner of Cogence Labs and strategic advisor to the National Urban Co-operative Finance and Development Corporation (NUCFDC).
The umbrella organisation would set up a technology platform to be used by all UCBs that will make it possible to widen their range of services at a reduced cost.