Union Home and Cooperation Minister Amit Shah awarded a ‘Certificate of Appreciation’ to five major cooperative giants who have made the highest capital contributions towards the National Urban Cooperative Finance and Development Corporation (NUCFDC), which will act as an Umbrella Organization (UO) for UCBs in the country.
The certificates were awarded to the National Cooperative Development Corporation (NCDC), Saraswat Cooperative Bank, Kalupur Commercial Cooperative Bank, TJSB Sahakari Bank, and SVC Cooperative Bank.
On behalf of NCDC, its Managing Director Pankaj Bansal collected the Certificate of Appreciation from Amit Shah. Gautam Thakur, Chairman of Saraswat Cooperative Bank, and Kiritbhai Patel, Director of Kalupur Commercial Cooperative Bank, received the appreciation certificate from the Union Cooperation Minister.
When the names of SVC Cooperative Bank Chairman Durgesh Chandavarkar and TJSB Sahakari Bank
Chairman Sharad Gangal were announced, they also rushed to the podium to collect the appreciation certificates from the chief guest.
When asked about the amount contributed by Saraswat Bank towards the Umbrella Organization, Saraswat Bank Chairman Gautam Thakur said, “The figure of our contribution towards the umbrella organization hardly matters, but we are here to help the small UCBs which are grappling with many issues, including adopting advanced technology in their business operations. We are ready to help them in full tandem.”
According to the data, NUCFDC has so far received a share capital of 118 crore initially subscribed by over 134 urban cooperative banks, and the majority amount has been contributed by these five giants. Besides, the National Federation of Urban Cooperative Banks (NAFCUB), Karnataka Urban Cooperative Banks Federation, Gujarat UCBs Federation, and West Bengal Urban Cooperative Banks Federation also contributed towards the NUCFDC.
