About National Urban Co-operative Finance and Development Corporation:
- It is the umbrella organisation for the Urban Cooperative Banks.
- Aim: It aims to ensure specialized functions and services to cooperative banks, facilitate communication between banks and regulators and address challenges faced by Urban Cooperative Banks.
- Also to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers.
- It has received a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Finance Company
- It will also operate as a Self-Regulatory Organisation for the sector.
Key facts about Urban Cooperative Banks (UCBs)
- UCBs are registered as cooperative societies under the provisions of either the State Cooperative Societies Act of the State concerned or the Multi State Cooperative Societies Act, 2002.
- They are regulated and supervised by the Registrar of Cooperative Societies (RCS) of State concerned or by the Central Registrar of Cooperative Societies (CRCS), as the case may be.
- They primarily operate in urban and semi-urban regions of India.
- Functions:
- These entities cater to banking requirements of small businesses, individuals, and communities.
- Services include deposit accounts, loans, remittances, and other financial products and services.
- At present, there are over 1,500 scheduled and non-scheduled Urban Cooperative Banks in India.
