Prabhat Chaturvedi, CEO, NUCFDC | Photocredit: KSL
The National Urban Cooperative Finance and Development Corporation (NUCFDC)-an umbrella body for urban cooperative banks (UCBS) concentrates on improving UCBs’ compliance, audit and administrative standards, told CEO Prabhat Chaturvedi line.
“Individual banks are very careful and take their own protective measures and regulators continue to evolve the regulations and the government also makes things. Our focus is on how these banks can be upgraded in terms of compliance, audit and administrative standards,” he said.
“How can their technical infrastructure be upgraded and how they can be helped with expensive personnel matters. If they cannot hire resources, we can offer them on the basis of parts. We can train their CXOS, branch managers and implement best practices,” he added.
The interest of deposits
Chaturvedi’s comments come months after the Reserve Bank of India (RBI) had replaced the New India Coöperative Bank (NICB) Council due to material non-compliance with regulatory standards and fraud committed by former banking staff, including senior management. Chaturvedi said that although private and public sector banks and NBFCs have seen higher ticket fraud than those in the UCB sector, fraud of even the smallest amount are unacceptable at UCBS.
“That said, even that small number is unacceptable from a regulatory point of view. The major concerns of the regulator are the protection of the interest of deposits. They want to protect customers from such cases,” he added.
Furthermore, Chautrvedi said that NUCFDC is sure that it collects £ 300 crore in the current calendar year and then register a license for self -regulating organization with the approval of the RBI Post Board.
According to a report from NUCFDC and Transunion Cibil, the Portfolio-Saldi of UCBS was £ 2.9 Lakh Crore, with a growth of 6 percent on an annual basis (JOJ). The sector is probably a witness of 6-7 percent growth in the current tax, by Chahutrvedi.
Published on July 31, 2025
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