By Admin 
Nucfdc: The Urgenization National Urban Co-operative Finance and Development Corporation (NUCFDC) has raised a total capital of 242.45 crores for urban cooperative banks. With this, the organization is moving rapidly towards the capital target of ₹ 300 crore set by the Reserve Bank of India (RBI).
Raised so much money in the first phase
In this era of funding, NUCFDC raised capital from 95 banks, three state federations and National Cooperative Development Corporation (NCDC). This was the second phase of funding, in which Rs 124.50 crore was raised. The first phase was held last year. During that time the organization raised Rs 118 crore from 124 banks, four states UCB Federations and NCDC. With this, the National Urban Co-operative Finance and Development Corporation has received a capital commitment proposal of Rs 17 crore. After completion of all the necessary formalities, the paid-up capital can increase to about Rs 260 crore.
40 crore rupees target to raise more
The organization has also targeted to raise an additional amount of Rs 40 crore from small tier-I and Tier-II banks. Urban Co-operative Finance and Development Corporation was established in the Firevari 2024 to solve the difficulties faced by urban cooperative banks (UCB). It aims to provide capital support through fund based and non -fund based services, to make India’s urban cooperative banks financially flexible, increase the confidence of their depositors and establish them as a prominent player in the country’s financial system.
Currently, the National Urban Co-operative Finance and Development Corporation has introduced many services that promote complication, legal transparency and maximum use of technology among urban cooperative banks. NUCFDC is also providing legal advisory services, which can help UCBS to finalize important agreements and ensure regulatory compliance.
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