Atul Khirwadkar estimates that NUCFDC is likely to be fully operational with all products on shop floor, probably by the end of March 2025
The National Urban Co-operative Finance and Development Corporation (NUCFDC), the Umbrella Organization (UO) of UCBs in the country, has been set up to act as a catalyst for all urban cooperative banks of the country. NUCFDC is an NBFC that has been formed to provide liquidity and capital support to member cooperative banks. UO is also expected to offer cutting edge technology to its member cooperative banks. Atul Khirwadkar, a very experienced cooperative leader, has been recently appointed as its Chief Executive Officer. Prior to this, Khirwadkar, one of the best known cooperative commentators of recent times, was MD & CEO of Kalyan Janata Sahakari Bank (KJSB). He has worked for 15 years in public sector banks and 28 years in cooperative banking. Atul Khirwadkar reveals what are the business and technology plans of NUCFDC that are likely to take concrete shape in near future:
Mehul Dani: When is the newly formed National Urban Co-operative Finance and Development Corporation (NUCFDC) likely to become fully functional?
Atul Khirwadkar: NUCFDC has already been registered as a corporate body under Companies Act and has applied for Registration as NBFC ND with Reserve Bank of India. Currently actual capital mobilized is above `120 million and commitments to contribute to the equity has been received from 140 UCBs across the country amounting to above `1.10 billion. RBI is processing the application and very soon the ‘in-principal’ approval for Certificate of Registration will be received. Post this, NUCFDC expects to mobilize the equity capital.
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