By Bhima Subramaniyam
NAFSCOB, praised by the Union Minister for maintaining one of the most authentic datasets in the cooperative sector, achieved significant milestones in 2024, as highlighted in a communication from its Managing Director, Bhima Subramaniyam- Editor
Excerpts:
NAFSCOB celebrated its Diamond Jubilee, marking six decades of unwavering dedication to supporting and protecting India’s cooperative banking sector. This milestone highlighted the organization’s efforts in fostering unity and cooperation among cooperatives, despite operating with limited financial and human resources.
The event brought together national and international cooperative leaders, policymakers, and banking functionaries to reflect on NAFSCOB’s journey and discuss its future growth in alignment with the Ministry of Cooperation’s vision.
Throughout the year, NAFSCOB focused on its core objectives. It provided a common forum for member banks, strengthening advocacy efforts while promoting and protecting the interests of its members. The organization coordinated with key stakeholders, including the Ministry of Cooperation, the Government of India, and NABARD, and delivered valuable research, consultancy, and policy inputs to its members. NAFSCOB also organized conferences, seminars, and events to facilitate informed policy decisions and complied with statutory provisions, including Section 24 of the Multi-State Cooperative Societies Act, 2002.
The organization facilitated the admission of District Central Cooperative Banks (DCCBs) as associated members and formulated model bye-laws for three-tier State Cooperative Banks (SCBs), two-tier SCBs, and DCCBs. It also completed a significant report on expanding business plans for the Short-Term Cooperative Credit Structure (STCCS) during the Amrit Kaal (2022–2047).
In celebration of its Diamond Jubilee, NAFSCOB released several key publications, including the NAFSCOB Diamond Jubilee Souvenir, NAFSCOB Memoirs – A Pictorial Presentation, Aims, Activities, and Achievements, NAFSCOB Best Performance Awards, and 100 Years Old Rural Cooperatives in India.
Additionally, a Memorandum of Understanding (MOU) was signed with the Institute of Cost Accountants of India on November 28, 2024, to foster further collaboration. NAFSCOB enhanced the public image of cooperative banks and elevated its profile, along with that of STCCS, at both national and international levels.
Looking ahead, NAFSCOB aspires to lead as a catalyst in strengthening cooperative banking and align itself with global cooperative movements to promote growth and innovation. As part of the International Year of Cooperatives (IYC) in 2025, NAFSCOB envisions a future filled with growth, innovation, and exciting new initiatives, working toward a better world built on cooperative values.
