Window opens to give urban cooperative banks an uplift

In many countries, cooperative credit societies - also known as credit unions - have established significant importance and presence.

- V S DAS

These entities often benefit from supportive umbrella structures connecting them and offering various financial solutions, both fund- and nonfund-based. Noteworthy global examples of umbrella entities include Rabobank group (The Netherlands), Crédit Agricole group (France), Raiffeisen Bank group (Austria) and similar networks operating in Australia, Canada, and the United States. However, no equivalent organisation exists in India for its nearly 1,500 urban cooperative banks (UCBs). This void might soon be filled by the newly formed National Urban Cooperative Finance and Development Corporation (NUCFDC) initiated by the National Federation of Urban Cooperative Banks and Cooperative Societies (NAFCUB). NUCFDC was launched earlier this year by Union Cooperation Minister Amit Shah.