Union Minister of Cooperation inaugurated National Urban Cooperative Finance and Development Cooperation (NUCFDC)

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NUCFDC will be an Umbrella Organization (UO) for Urban Cooperative Banks (UCBs) in India and will be allowed to operate as a Self-Regulatory Organisation for the sector.

About NUCFDC
- UO for UCBs was recommended by Vishwanathan Committee on Primary (Urban) Co-operative Banks constituted by RBI.
- In 2019, RBI accorded regulatory approval to National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) for formation of an UO for the UCB sector.
- NUCFDCis registered with RBI as non-deposit taking NBFC and UCBs can subscribe to its capital on voluntary basis.
- Key objectives: Expand numbers of credit societies and UCBs, facilitate dialogue between banks and regulators, extend liquidity to UCBs, set up IT infrastructure for shared use of members to enable them widen their range of services, etc.

Urban Cooperative Banks (UCBs)
- Refer to primary cooperative banks located in urban and semi-urban areas.
- Registered as cooperative societies under either respective State Cooperative Societies Act or Multi State Cooperative Societies Act, 2002.
- Dual control: RBI regulates and supervises banking functions under Banking Regulation Act, 1949.
  - State/ Central Registrar of Cooperative Societies exercises supervision over managerial, administrative and, other matters.