UCBs Need Good Governance, Adoption Of Technology

RBI Holds Conference Of Directors Of Select Southern Zone UCBs

Swaminathan J, Deputy Governor, RBI

FinTech BizNews Service   

Mumbai, January 25, 2024: As part of the continuing engagement with the Directors of UCBs, the Reserve Bank of India (RBI) held a Conference of Directors of select UCBs of Southern Zone in Hyderabad, on January 24, 2024. The theme of the Conference was ‘Governance in UCBs: Combating Cyber Threats and Enhancing Resilience’. The Conference was also attended by senior RBI officials including Executive Director and other officers of Department of Supervision, Department of Regulation and Regional Directors of RBI. Reserve Bank has previously engaged with the Directors of large UCBs in Mumbai in August 2023.

Deputy Governor Shri Swaminathan J, in his keynote address emphasised the pivotal role UCBs play in furthering financial inclusion and the importance of proactive measures to uphold the resilience of the UCB sector. He highlighted the need for good governance, adoption of technology while fortifying cyber security and operational resilience as well as capacity building in the UCB sector.

Discussions during the conference revolved around approaches to strengthen cybersecurity, inculcating a culture of cyber awareness and implementing measures to protect and respond to cyber-attacks effectively. The Conference included an address by the Executive Director and an open house interactive session between the participants and the senior officers of the RBI.

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