04.03.2024
National Urban Co-operative Finance and Development Corporation , Daily Current Affairs , RACE IAS : Best IAS Coaching in Lucknow
For Prelims: About National Urban Co-operative Finance and Development Corporation , Key Point, Key facts about Urban Cooperative Banks (UCBs),Functions |
Why in the news?
Union Home and Cooperation Minister Amit Shah recently inaugurated an umbrella organization for urban cooperative banks (UCB) — the National Urban Cooperative Finance and Development Corporation Limited (NUCFDC).
Key Point
The organization had a collective strength of 11,000 branches with 1,500 banks, deposits of ₹5 lakh crore and loans totalling ₹3.50 lakh crore.
About National Urban Co-operative Finance and Development Corporation:
Key facts about Urban Cooperative Banks (UCBs)
Functions of Urban Cooperative Banks :
○These entities cater to banking requirements of small businesses, individuals, and communities.
○Services include deposit accounts, loans, remittances, and other financial products and services.
Source: The Hindu