RBI deputy governor calls for strengthening governance at UCBs

Reserve Bank Deputy Governor Swaminathan J underscored the need to strengthen governance and technology infrastructure in uban cooperative banks (UCBs) given their role in furthering financial inclusion at a meeting with south-based UCBs

In his keynote address. deputy governor Swaminathan J, highlighted the pivotal role UCBs play in furthering financial inclusion. He also underscored the importance of proactive measures to uphold the resilience of the UCB sector, according to a news release by the Reserve Bank of India.

He also stressed 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 banking regulator said in its release.

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.

As part of the continuing engagement with the directors of UCBs, the Reserve Bank of India (RBI) held a Conference of Directors to select UCBs of the Southern Zone in Hyderabad, on January 24, 2024. The theme of the Conference was ‘Governance in UCBs: Combating Cyber Threats and Enhancing Resilience’. The Reserve Bank had previously engaged with the Directors of large UCBs in Mumbai in August 2023.