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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.
This story is from the July 01, 2024 edition of Business Standard.
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This story is from the July 01, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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