India, April 2 -- The Government of India issued the following news release:
A need was felt to establish an organization to resolve the difficulties being faced by the Urban Cooperative Banks (UCBs). UCBs are operating in a fragmented and uncoordinated environment, hindering their growth, stability and competitiveness. The lack of regulatory clarity, operational inefficiencies and limited access to resources and expertise left many UCBs vulnerable to financial instability, poor governance and market pressures.
An Umbrella Organization (UO) named National Urban Co-operative Finance and Development Corporation (NUCFDC) has been established as a long-term solution to transform India's UCB sector to make them financially resilient, enhance t...