New Delhi: The National Urban Cooperative Finance and Development Corporation (NUCFDC) plans to seek Self-Regulatory Organisation (SRO) status for co-operative banks from the Reserve Bank of India in the next two months, as it is near the ₹ 300 crore paid-up capital threshold, said a top official in an interview.

NUCFDC CEO Prabhat Chaturvedi said that board resolutions for additional capital contributions (to reach ₹ 300 crore capital) by other urban cooperative banks (UCBs) are already in place. By 17 November, contributions will start flowing into NUCFDC, with share allotments beginning in mid-December. NUCFDC is the umbrella organisation for cooperative banks. Key Takeaways

NUCFDC expects to apply for Self-Regulatory Organization (SRO) status from RBI by early January, having s

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