NUCFDC Seeks RBI Nod for Small UCBs to Offer Digital Services

Imagine small banks in India called Urban Cooperative Banks (UCBs).

The main group for these banks, called NUCFDC, wants to ask the country's big bank, the RBI, for permission.

Right now, only bigger UCBs with a lot of money (over 50 crore rupees) can offer online banking like internet and mobile services.

But many smaller UCBs, which hold a lot of people's savings, don't have enough money to meet this rule.

NUCFDC is building a secure computer system for these smaller banks.

They want to show the RBI that if these small banks use their secure system, they should be allowed to offer digital services too.

This would help them serve customers better and grow, just like the bigger banks.