The apex body of urban cooperative banks, National Federation of Urban Cooperative Banks and Credit Societies Ltd., has appointed Rakesh Dua as its Chief Executive Officer for an initial three-month contractual period in an officiating capacity.
According to sources, the decision was taken by the Executive Committee chaired by Laxmi Dass, Chairman of NAFCUB, during its meeting held on March 2, where Dua’s name was finalized for the top executive position. He assumed charge on Tuesday.
Dua will initially serve in the role for three months, after which his performance and continuation are expected to be reviewed.
Rakesh Kumar Dua earlier served as a consultant in the Cooperative Ombudsman’s office under the 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, 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.
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, the Union Ministry of Cooperation, and other regulatory and policy-making bodies.