The process for the appointment of a new Chief Executive (CE) of the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB), the apex body of Urban Cooperative Banks (UCBs), has reached its concluding phase, with Rakesh Kumar Dua emerging as a strong contender, according to sources in the cooperative banking sector.
Sources said the appointment is yet to receive formal approval and will be placed before the Board Meeting of NAFCUB, scheduled to be held virtually on December 26, where a final decision is expected to be taken.
Mohan Mishra, another shortlisted candidate for the post, is also under consideration. Mishra was earlier appointed as the Nodal Officer for the NAFCUB- Coop-Kumbh 2025 organised in November 2025. While both candidates are being evaluated, sources indicated that Dua is currently seen as enjoying broader support among board members.
Rakesh Kumar Dua served as a consultant in the Cooperative Ombudsman’s office under the Union Ministry of Cooperation and left the position around two to three months ago. He brings extensive experience in cooperative administration and banking, having earlier worked with the National Cooperative Development Corporation (NCDC), where he served as Regional Director, Dehradun.
He has also served as Chief Executive Officer of the Saharanpur District Cooperative Bank and has professional experience with Punjab National Bank (PNB).
It may be recalled that the tenure of the outgoing Chief Executive, Yogesh Sharma, concluded in November 2025. Subsequently, Vivek Gupta, a senior NAFCUB official, was entrusted with additional charge as the officiating Chief Executive. Sources said that Gupta may also be given full-fledged charge as NAFCUB Chief Executive, though the final decision is yet to be made. The upcoming board meeting is expected to bring clarity on the federation’s leadership.
NAFCUB is the apex representative body of Urban Cooperative Banks in India and has played a significant role in raising and advocating issues concerning the cooperative banking sector and credit societies with the concerned authorities, including the Reserve Bank of India (RBI), the Union Ministry of Cooperation, and other regulatory and policy-making bodies.
The federation represents around 1,400 Urban Cooperative Banks across the country, along with thousands of cooperative credit societies, and serves as a key interface between the sector and policymakers.
