During the 48th Annual General Meeting of NAFCUB, held at the NCUI Auditorium on Saturday, delegates representing credit societies urged the establishment of a dedicated wing or panel to address the unique challenges faced by credit cooperatives in India at the Nafcub level.
Delhi-based Janpriya Urban T&C Cooperative Society Chairman, Satyadev Solanki, expressed his concerns, stating, “NAFCUB is actively addressing the issues of Urban Cooperative Banks, but the same level of attention is not being given to credit societies”, he griped.
He emphasized the need for an equal focus on the challenges faced by credit societies and called for the creation of a dedicated committee to effectively address their issues.
Responding to Solanki’s request, NAFCUB Chairman Laxmi Dass assured him that the matter is already under consideration.
Dass mentioned that deliberations are currently underway to establish a special cell at the NAFCUB level, specifically aimed at providing focused attention to the challenges and needs of credit cooperatives.
Another delegate, Kamal Chand Rana from Himachal Pradesh’s CD Credit Cooperative Society, echoed similar concerns.
He said, “We have been working for 23 years, and we want to convert ourselves into an Urban Cooperative Bank. In this connection, NAFCUB should lead us from the front in helping us secure a banking license”, he urged.
Rana also stressed the urgent need for NAFCUB to take up the issues of credit cooperatives with the concerned authorities, similar to the way it advocates for Urban Cooperative Banks.
The meeting highlighted the growing demand for structured support and attention to the credit cooperative sector, which plays a vital role in financial inclusion across the country.
In his address, FAMCO CEO M. Aloysius urged NAFCUB to advocate with the Union Ministry of Cooperation for election expenses to be aligned with the financial capacity of each credit cooperative society.
“Our society is multi-state but very small and unable to meet the prescribed election expenditure. A uniform structure for all credit co-ops is not feasible,” he added.