Amit Shah launched the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC) in New Delhi on March 2, 2024.
- The NUCFDC serves as the umbrella organization for Urban Cooperative Banks (UCBs).
- The initiative aligns with the goal of ‘Sahakar se Samriddhi’ to foster self-reliance in India.
- The aim is to modernize and strengthen the Urban Cooperative Banking Sector.
- NUCFDC has received a Certificate of Registration from the Reserve Bank of India to function as a Non-Banking Finance Company (NBFC).
- It will also operate as a Self-Regulatory Organization for the sector.
- NUCFDC will provide specialized functions and services to cooperative banks, facilitate communication between banks and regulators, and address challenges faced by UCBs.
Q: What does NUCFDC stand for?
a) National Urban Cooperative Finance and Development Corporation
b) National Union of Cooperative Financial Development Corporations
c) National Unified Cooperative Finance and Development Corporation
d) None of the above
Ans : a) National Urban Cooperative Finance and Development Corporation
Q: What is the primary goal of the NUCFDC?
a) To regulate rural cooperative banks
b) To strengthen the agricultural sector
c) To modernize and strengthen the Urban Cooperative Banking Sector
d) To promote digital payments in urban areas
Ans : c) To modernize and strengthen the Urban Cooperative Banking Sector
