NEWS: Union Home & Cooperation Minister inaugurated NUCFDC’s new office in Mumbai and launched a specialised Cybersecurity Security Operations Centre (SOC).

ABOUT

• RBI-registered NBFC and apex Umbrella Organisation for Urban Cooperative Banks (UCBs).
• Brings together 1,400+ UCBs and thousands of branches.

Key Aim

• Modernise and strengthen the Urban Cooperative Banking sector.
• Promote digitalisation, liquidity support, cybersecurity and better governance.

Key Functions

• Digital: Shared Core Banking, ATM connectivity & cybersecurity solutions.
• Liquidity: Short-term liquidity/cash-flow support and PSL certificate facilitation.
• Capacity Building: Regulatory compliance and board training.
• Economies of Scale: Bulk procurement of technology and financial services.
• Future SRO: Can move towards Self-Regulatory Organisation (SRO) status on achieving ₹300 crore paid-up capital.