3 weeks ago
Amit Shah announces NUCFDC headquarters shift from Delhi to Mumbai
India has many small banks called cooperative banks that help people in cities save and borrow money.
A special helper group called the Umbrella Organisation helps all these small banks work better together.
A big government leader, Amit Shah, said this group's main office will move from Delhi to Mumbai.
The new office was opened in a very old building in Mumbai that was once a famous stock exchange hall.
The group will buy computer software and security tools for all the banks together, so each bank pays less.
That way even the smallest banks can use modern technology.
The group also signed an agreement with a university that studies digital clues to help keep online banking safe.
Mumbai was chosen because many of India's cooperative banks are located in nearby states.
About 1,400 cooperative banks in India will be helped by this group.
The announcement happened on the anniversary of the Quit India Movement from 1942.
Union Home Minister and Cooperation Minister Amit Shah announced that the National Urban Cooperative Finance and Development Corporation (NUCFDC), the Umbrella Organisation for urban cooperative banks, will move its headquarters from Delhi to Mumbai.
The announcement was made at the inauguration of NUCFDC's new office premises at Sharada Sadan in the Fort area of south Mumbai.
NUCFDC signed a memorandum of understanding with the National Forensic Sciences University to establish a centralised cybersecurity system for urban cooperative banks.
Maharashtra, Gujarat, Goa and Karnataka together account for nearly 70 per cent of the country's urban cooperative banks, with 449 such banks operating in Maharashtra.
The Umbrella Organisation, which has received recognition from the Reserve Bank of India, will procure software and technology collectively for about 1,400 urban cooperative banks to reduce costs.
Amit Shah spoke at the 'Sahakar Nav-Kranti Melava' organanised at the BSE International Convention Centre and highlighted the need to curb cyber fraud in digital banking.
- Who
- Union Home Minister and Cooperation Minister Amit Shah made the announcement, in the presence of Maharashtra Chief Minister Devendra Fadnavis.
- What
- The headquarters of the National Urban Cooperative Finance and Development Corporation (NUCFDC), the Umbrella Organisation for urban cooperative banks, will shift from Delhi to Mumbai, and NUCFDC signed an MoU with the National Forensic Sciences University for a centralised cybersecurity system.
- Where
- Mumbai - at NUCFDC's new office at Sharada Sadan in the Fort area and at the BSE International Convention Centre.
- When
- Saturday, August 8.
- Why
- To locate the organisation where cooperative banking activity is concentrated and to help small urban cooperative banks access affordable technology and cybersecurity.
Key facts
- Announcement
- NUCFDC headquarters shift from Delhi to Mumbai
- Announced by
- Union Home Minister and Cooperation Minister Amit Shah
- New office location
- Sharada Sadan, Fort area, south Mumbai
- MoU signed with
- National Forensic Sciences University (NFSU)
- MoU purpose
- Centralised cybersecurity system for urban cooperative banks
- Urban cooperative banks in Maharashtra
- 449
- Urban cooperative banks in India
- About 1,400
- Historic premises
- Former Bombay Stock Exchange trading hall, nearly 100 years old
Quotes
Amit Shah
Union Home Minister
“Shah said the long-awaited Umbrella Organisation had now come into existence and had received recognition from the Reserve Bank of India (RBI).”
deccanchronicle.com
Sources
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