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Amit Shah launches modernization programme for India's urban cooperative banks
Union Home and Cooperation Minister Amit Shah has launched the 'Sahkar Nav-Kranti' programme in Mumbai to modernize India's urban cooperative banking sector. During the event, Shah inaugurated the new office premises for the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and announced that the organization's headquarters would shift from Delhi to Mumbai to be closer to the concentration of cooperative banking activities.
To enhance security and transparency, a Memorandum of Understanding was signed between the NUCFDC and the National Forensic Sciences University (NFSU) to establish a centralized cybersecurity system for urban cooperative banks. Shah also unveiled a Security Operations Centre and a nationwide service bundle for core banking.
Addressing the sector's challenges, Shah urged all approximately 1,400 urban cooperative banks in India to join the NUCFDC within one year to benefit from shared IT infrastructure, capital, and liquidity support. He emphasized that approximately 690 banks have already joined the organization. Shah stressed the need for banks to adopt modern technology, improve governance, and bridge the perception gap with the Reserve Bank of India (RBI) to remain competitive against commercial and digital-first financial providers.
Entities
Amit Shah · Mumbai · National Forensic Sciences University · National Urban Cooperative Finance and Development Corporation (NUCFDC) · National Urban Cooperative Finance and Development Corporation Limited · Reserve Bank of India · Reserve Bank of India (RBI) · Urban Cooperative Banks
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Around 690 urban cooperative banks are already members of NUCFDC. www.dtnext.in · www.ibc24.in
- [○ 1 SOURCE] A Security Operations Centre for 24/7 cyber surveillance of urban cooperative banks was launched.
- [● 3 SOURCES] Shah emphasized the need for technology adoption, transparency, and modern customer services in urban cooperative banks. earlynews24.com · www.dtnext.in · www.ibc24.in
- [● 3 SOURCES] Shah called for bridging the perception gap between the RBI and urban cooperative banks. earlynews24.com · www.dtnext.in · www.ibc24.in
- [● 3 SOURCES] India has about 1,400 urban cooperative banks. www.dtnext.in · www.ibc24.in
- [● 4 SOURCES] Amit Shah urged all urban cooperative banks to join the NUCFDC within a year. earlynews24.com · www.dtnext.in · www.ibc24.in
- [○ 1 SOURCE] Maharashtra, Gujarat, Goa, and Karnataka account for about 70% of India's banks.
- [○ 1 SOURCE] Shah suggested moving NUCFDC headquarters from Delhi to Maharashtra.