Nobody can overlook the role and contributions of D Krishna, former Chief Executive of NAFCUB and a banking expert in his own right when the subject of an Umbrella Organization crops up in any discussion. Krishna is the only man who has been part of all the committees formed for the germination of this idea.
“You cannot understand how satisfied I feel today” said Krishna recalling endless hours he had given for the fructification of this idea. Recounting his association with the N Vishwanathan Committee formed in 2006 Krishna says the committee was initially formed to solve the issues plaguing the urban cooperative banking sector.
“In course of our study we realized that an umbrella organization for UCBs may be a great help to solve the issues. Since Umbrella was not within the scope of our study, the Vishwanathan Committee suggested that a separate committee be set up”, Krishan said tracing the genesis of the V N Das committee which came up later in 2009 and of which he was again a part.
We extensively toured Europe and America, studied the working of several banks including Rabo bank before we conceived the idea of UO and presented it in our report in its entirety, recalls Krishna who has now relocated to Bangalore after his retirement.
Krishna was also part of the final committee constituted by NAFCUB in 2015 to work out the modalities of implementing Umbrella in the Indian context. The committee submitted his report in 2016 and it was this report of NAFCUB which received a mention from RBI recently.
Exuding confidence mixed with a sense of victory Krishna asks: have you heard any federation being named by RBI ever during its statement on Monetary Policy? “It is only Nafcub” said Krishna who is said to be very close to UCB’s icon H K Patil.