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