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Consider the following statements regarding the National Urban Co-operative Finance and Development Corporation:
1. It is set up as an umbrella organisation for the Urban Cooperative Banks.
2. It operates as a Non-Banking Finance Company.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements regarding the National Urban Co-oper...
Recently, the union Cooperation Minister launched the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC).
  • It is the umbrella organisation for the Urban Cooperative Banks.
  • Aim: It aims to ensure specialized functions and services to cooperative banks, facilitate communication between banks and regulators, and address challenges faced by Urban Cooperative Banks.
  • Also to modernize and strengthen the Urban Cooperative Banking Sector, which will benefit both the banks and their customers. 
  • It has received a Certificate of Registration from the Reserve Bank of India to operate as a Non-Banking Finance Company.
  • It will also operate as a Self-Regulatory Organisation for the sector.
Hence both statements are correct.
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