NUCFDC to soon have self-regulatory body of urban cooperative banks
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Raja Debnath, an advisor to the NUCFDC board and managing partner of technology startup Cozens Labs, told PTI that the core organization will start operations with the first tranche of Rs 100 crore raised as part of the mandate to raise Rs 300 crore equity.
The National Urban Co-operative Finance and Development Corporation (NUCFDC) will soon have a self-regulatory body (SRO) of around 1,500 urban co-operative banks (UCBs). The NUCFDC will soon become functional, which will act as a single window for all member banks to upgrade to a single core banking platform. Raja Debnath, an advisor to the NUCFDC board and managing partner of technology startup Cozence Labs, told PTI that the core organization will start operations with the first tranche of Rs 100 crore raised as part of the mandate to raise Rs 300 crore equity.
This will then be followed by an application to the Reserve Bank of India for the license of a Self-Regulatory Body (SRO). He informed that the fund would be mobilized from the member banks and would be used to run the NUCFDC Secretariat and also to make initial payments. NUCFDC will be set up as a non-deposit taking NBFC, and UCBs can subscribe to its capital on a voluntary basis. It will be governed by a board, which will include independent directors.
Disclaimer:Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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