The appointment of the next Chief Executive (CE) of the National Federation of Urban Cooperative Banks and Credit Societies (NAFCUB) has been deferred, as the Board failed to reach a consensus at its meeting held virtually on December 26, sources said.
The Board was supposed to consider the names of Rakesh Kumar Dua, Subhash Chandra Garg and Mohan Mishra, or the proposal to give Vivek Gupta full-fledged charge, for the Chief Executive post. The matter came up for discussion; however, no decision could be taken due to certain issues.
Sources said the issue is now expected to be considered at the next Board meeting, to be held in physical mode, where a final decision is likely to be taken.
Meanwhile, Vivek Gupta, a senior NAFCUB official, will continue to hold the office as the officiating Chief Executive until a regular appointment is made.
NAFCUB is the apex representative body of Urban Cooperative Banks (UCBs) in India and plays a crucial role in advocating sectoral issues with key stakeholders, including the Reserve Bank of India (RBI), the Union Ministry of Cooperation, and other policy-making authorities.
The federation represents nearly 1,400 Urban Cooperative Banks across the country, along with thousands of cooperative credit societies, and serves as a vital interface between the cooperative banking sector and policymakers.