The Full Form of ‘NAFCUB’ in Banking is ‘National Federation of Urban Cooperative Banks and Credit Societies’.
Full Form of NAFCUB
The Full Form of ‘NAFCUB’ in Banking is ‘National Federation of Urban Cooperative Banks and Credit Societies’. It is a premier organization of urban cooperative banks and credit societies in India. NAFCUB was established in the year 1975, with an aim to promote the cause of urban cooperative banking and credit societies in India. It works towards ensuring that the interests of the urban cooperative banks and credit societies are safeguarded and their operations are improved so that they can be a viable alternative to conventional banking services.
NAFCUB acts as an apex body for all the urban cooperative banks and credit societies operating in India. It works towards strengthening the financial position of these institutions by providing them with technical support, guidance, advocacy and training programmes. The organization is associated with major regulatory bodies such as Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (Nabard) and Ministry of Agriculture & Farmers Welfare (MAAFW).
NAFCUB is committed to promoting economic development through empowering the urban cooperative banks and credit societies across the country. It focuses on making these institutions financially viable, socially responsible, customer-oriented organizations. To this end, it provides various services such as financial counseling, technical assistance, capacity building programmes for its members, legal advice etc. Apart from this NAFCUB also organizes seminars, workshops and conferences related to urban cooperative banking sector from time to time to spread awareness about it among its members as well as other stakeholders.
NAFCUB has been actively involved in policy formulation related to cooperatives banking sector at national level through its representation in various committees set up by Reserve Bank of India (RBI) like Working Group on Cooperatives Credit Structure (WGCCS), Task Force on Restructuring/Revival/Rehabilitation/Recovery of Cooperatives Banks etc. This ensures that cooperatives banking sector gets adequate attention from government authorities while formulating policies related to it.
Apart from this NAFCUB also deals with various disputes between its member institutions or between them and other parties through mediation or arbitration process whenever required. This helps ensure that any dispute arising out of business operations are resolved quickly without disrupting day-to-day functioning of these institutions or adversely affecting their financial position.
Overall, NAFCUB has been playing an important role in promoting sustainable growth of urban cooperatives banks and credit societies across India since its inception four decades ago by providing them with necessary guidance, support services and training programmes so that they can be a viable alternative to conventional banking services offered by commercial banks in our country today.
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