Jyotindra Mehta elected president of NAFCUB
Jyotindra Mehta has been elected president of the National Federation of Urban Cooperative Banks and Credit Societies Ltd (NAFCUB), the apex body of urban cooperative banks and credit societies of the country. K.K. Sharma and V.V. Anaskar were elected vice presidents at the election of the board of directors held in New Delhi recently. The elections were held unanimously. Nine directors were also elected from state federations, 7 from urban cooperative banks, 2 from credit societies, and 1 from mahila banks constituency. NCUI has nominated one director.
The meeting held subsequent to the elections decided to honor H.K. Patil, former minister of Karnataka by nominating him as the chairman emeritus of NAFCUB, in recognition of his contributions to the cooperative banking sector. The proposal was made by Jyotindra Mehta.
Addressing the new board members, Mehta listed his priorities and said there are over 1550 UCBs across the country and all of them are not yet members of NAFCUB because they are not financially strong or could not afford the annual subscription. It is necessary that they become members, he added. He said also said his main goal is the formation of Umbrella Organization that would empower the urban cooperative banking sector in a big way. Stating that there is need for NAFCUB to reset its priorities, he said it must now focus on resolving issues like income tax, Board of Management, branch expansion and other related issues.
K. Patil, who addressed the members, said the cooperative sector is right now facing several administrative hurdles. There is urgent need for changing the perception and mindset of people, government, RBI, NABARD and other concerned authorities towards the cooperative sector, he said and emphasized that whoever wants to contribute for the well-being of the cooperative sector are welcome to do so. He also hoped that with Satish Marathe now becoming a board member of the Reserve Bank of India, things will change for urban cooperative banks.
