Das Asks Large UCBs For Capacity Building In IT & Cyber Security

Conference for the Directors on the Boards of select large UCBs of Western Zone was held at Ahmedabad today; 40 large UCBs of Gujarat and Maharashtra were invited; Senior Coop bankers Jyotindra Mehta, Vinod Dadlani, Kanjibhai Bhalala, amongst others, participated in the interactive session

Shaktikanta Das, Governor, Reserve Bank of India

Swaminathan J, Deputy Governor, RBI

FinTech BizNews Service

Mumbai, June 21, 2024: The Reserve Bank of India (RBI) today held a Conference of Directors on the Boards of select large Urban Cooperative Banks (UCBs) in Western Zone. The Governor, RBI inaugurated the Conference on the theme ‘Governance in UCBs - Driving Sustainable Growth and Stability’. Deputy Governor Shri Swaminathan J., along with Executive Directors representing the RBI’s Departments of Supervision, Regulation and Enforcement, and other senior officials, also participated in the Conference. Reserve Bank had previously held similar conferences with the Directors of UCBs at Mumbai, Hyderabad and Lucknow in August 2023, January 2024 and April 2024, respectively.

Governor Shri Das in his keynote address highlighted the critical importance of robust governance and the role of the Board of Directors to ensure the same. He also emphasised the importance of assurance functions (viz. Compliance, Risk Management and Internal Audit) in upholding good governance. He urged Boards of UCBs to ensure proper credit underwriting standards, review and follow up on recovery of non-performing assets as well as prudently manage liquidity risk. Shri Das also touched upon aspects of capacity building, especially with respect to IT and cyber security.

Deputy Governor Shri Swaminathan J. in his special address impressed upon the pivotal role UCBs can play in providing last mile connectivity to the unbanked population and the consequent need to enhance their financial and operational resilience for sustenance of overall systemic stability. He further requested UCBs to fully support and benefit from the recently established Umbrella Organization.

Rajesh Kumar, RD, Ahmedabad gave the welcome address. The Conference included sessions on IT and cybersecurity, governance and assurance functions, as well as supervisory and regulatory expectations. The Conference concluded with an open house interaction of the participants with the Executive Directors of the Reserve Bank.

Senior bankers from around 40 large UCBs of Gujarat and Nagpur region of Maharashtra were invited. Around 150 bankers attended today’s conference. The banks, which took part, amongst others, included Rajlot Nagrik Sahkari Bank, Surat Peoples Coop Bank, Mehsana UCB, Kalupur Commercial Cooperative Bank, Varachha UCB, Citizen Coop Bank, Akola UCB, Devgiri UCB, Ahmednagar UCB.  

The interactive sessions were also held as part of the one-day conference. Jyotindra Mehta from Rajkot Nagrik Sahkari Bank, Vinod Dadlani from Kalupur UCB, Kanjibhai Bhalala from Varachha UCB, Jatin Naik from Surat Peoples Coop Bank participated in the interactive session and presented their insights about the UCB segment. 

RBI has already organized similar conferences for the UCBs at Mumbai, Hyderabad and Lucknow in recent months.

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