Thane Janata UCB issues Rs9 Cr DD to NUCFDC

TJSB Chairman Sharad Gangal handed over the demand draft to NUCFDC CEO Atul Khirwadkar

TJSB Chairman Sharad Gangal handed over the DD to NUCFDC CEO Atul Khirwadkar in presence of TJSB Vice Chairman Vaibhav Singavi and MD Subbalakshmi Shirali

FinTech BizNews Service

Mumbai, December 14, 2023: ‘Thane Janata Sahakari Bank (TJSB), a prominent

UCB in the country, has issued a Demand Draft of Rs9 crore yesterday towards

capital contribution of the National Urban Cooperative Finance and Development

Corporation (NUCFDC). The contribution from TJSB, the leading Multi-State

Scheduled Co-operative Bank Since 1972, is notable in the series of recent such

contributions by a number of other well-known coop banks.

The bank Chairman Sharad Gangal handed over the demand draft to NUCFDC CEO

Atul Khirwadkar on 13 December, 2023 Wednesday in the presence of TJSB Bank

Vice-Chairman Vaibhav Singavi and Managing Director Subbalakshmi M. Shirali.

Atul Khirwadkar, a seasoned cooperative leader, who was appointed as the Chief

Executive Officer, NUCFDC, earlier this year, has already swung into action for last

many months on many fronts. Prior to NUCFDC, Atul Khirwadkar was MD and CEO,

Kalyan Janata Sahakari Bank (KJSB). He earlier worked for 15 years in public sector

banks and 28 years in cooperative banking.

As per an estimate as of August 203, commitments to contribute to the equity had

been received from 140 UCBs across the country amounting to above Rs1.10 billion.

Along with NUCFDC, which is expected to mobilise and expand the equity capital

base, the National Cooperative Development Corporation (NCDC) has assured to

grant equity allocation to the extent of Rs2 billion, subject to ceiling of 20% of capital

mobilised by NUCFDC.

The National Urban Co-operative Finance and Development Corporation (NUCFDC),

the ‘Umbrella Organization’ of UCBs in the country, has been set up to act as a

catalyst for all urban cooperative banks of the country. NUCFDC, an NBFC, is

formed to provide liquidity and capital support to member co-operative banks. UO is

also expected to offer cutting edge technology to its member cooperative banks.

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