Vidyadhar Anaskar elected unopposed to NAFSCOB board; 21 candidates for 21 seats

Vidyadhar Wamanrao Anaskar, administrator of the Maharashtra State Cooperative Bank and a senior cooperation and banking expert, has been elected unopposed to the board of directors of the National Federation of State Cooperative Banks Ltd. (NAFSCOB). The term is five years, from 2026 to 2031. NAFSCOB is the apex national representative forum of state cooperative banks in the country. The election is expected to make Maharashtra's representation in the national cooperative banking sector more effective.

Twenty-two nomination papers had been received for the 21 director seats on the NAFSCOB board. The representative of the Chhattisgarh State Cooperative Bank withdrew his nomination, leaving 21 candidates for 21 seats. The returning officers formally declared all 21 candidates, including Anaskar, elected unopposed.

Anaskar has worked in the cooperative banking sector for more than four decades. He has extensive experience in cooperation, banking administration, financial management and banking law. For the past eight years he has been the administrator of the Maharashtra State Cooperative Bank's board of administrators.

During his tenure as administrator, the Maharashtra State Cooperative Bank has made notable progress on several fronts, including financial discipline, business expansion, use of technology, efficiency and institutional governance. While strengthening the bank's finances, he has also made continuous efforts for the development of the state's cooperative banking system. Under his leadership, the bank's net worth has reached Rs 5,760 crore.

NAFSCOB is not merely an association of state cooperative banks. It is a national body that plays an important role in the development of the country's entire cooperative credit system. India's rural cooperative credit structure stands mainly on three tiers. At the first tier are the state cooperative banks (StCBs), which provide apex financing and coordination at the state level. At the second tier are the district central cooperative banks (DCCBs), which provide cooperative credit at the district level. At the third tier are the primary agricultural credit societies (PACS), which lend directly to farmers and rural members at the village level.

Coordination among these three tiers, financial strengthening and efficiency are the real strength of the rural cooperative credit system. Because state cooperative banks have an important role in this system, their national federation can effectively place the states' difficulties, expectations, policy questions and development opportunities before the Union government, the Reserve Bank of India and NABARD.

NAFSCOB has to take policy positions at the national level on many subjects, including regulatory challenges, technological change, digital banking, cyber security, financial inclusion, agricultural credit, NPA management, strengthening of cooperative banks and development of the rural economy.

Anaskar's election as a director of this national body is being seen as an important opportunity for Maharashtra's cooperative banking sector. His experience could be used to raise at the national level the problems facing Maharashtra's cooperative banks, coordination between state cooperative banks and district central cooperative banks, strengthening of the rural credit system, and issues concerning the autonomy of cooperative institutions.

In changing economic and regulatory conditions, the cooperative banking sector needs to retain its distinct identity, credibility and competitive strength. It is being said that this requires more effective coordination among state cooperative banks, district banks and primary agricultural credit societies.

It is expected that Anaskar's election will make Maharashtra's participation in policy discussions in national cooperative banking more effective. The election is a national-level recognition of Maharashtra's long experience in the cooperative sector. He is being congratulated and welcomed by the cooperative banking sector.