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The Governor of the Reserve Bank of India (RBI) today held a meeting with the Chairmen, Managing Directors, and CEOs of select Urban Cooperative Banks (UCBs) from across the country. Representatives from industry bodies, including the National Urban Cooperative Finance and Development Corporation (NUCFDC) and the National Federation of Urban Co-operative Banks & Credit Societies (NAFCUB), also participated.
The meeting, part of RBI’s ongoing engagement with its regulated entities, was attended by Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J., along with Executive Directors overseeing Regulation and Supervision.
In his opening remarks, the Governor highlighted the crucial role of UCBs in financial inclusion at the grassroots level. While pledging continued support for the sector’s growth, he emphasized that UCBs must uphold their responsibilities towards depositors, ensuring trust, transparency, and high standards of customer service.
A key focus of the meeting was on operational resilience, including preparedness against IT and cyber-related risks. The Governor urged UCBs to strengthen their cybersecurity frameworks, protect customer data, and implement robust risk management systems to safeguard against evolving digital threats.
The interactive session allowed participants to share feedback and suggestions on improving governance, customer service, and cybersecurity measures, reinforcing RBI’s commitment to secure and resilient urban cooperative banking.
[RBI]