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Informist, Thursday, Nov. 14, 2024

 

MUMBAI – Urban co-operative banks need to evolve digitally and address the gaps in information technology and cybersecurity, Reserve Bank of India Deputy Governor Swamination J. said at a Conference for Registrars of Cooperative Societies on Thursday. He also highlighted the importance of improving the liquidation process and protecting depositors' interests.

 

While financial indicators for urban co-operative banks have improved, Swaminathan said there is a room for growth in business, asset quality, and liquidity.

 

RBI Deputy Governor M. Rajeshwar Rao, who attended the conference along with other RBI officials, stressed that the governance and risk management challenges could hinder effective management and urged stronger collaboration between registrars of cooperative societies and RBI to enforce governance standards, resolve weak banks, and streamline compliance.

 

Ministry of Cooperation, Additional Secretary Rabindra Kumar Agarwal, proposed forming a stakeholder team to draft model bylaws and a framework to support weaker cooperative banks and highlighted the need for training liquidators.

 

Discussions during the conference revolved around regulatory and governance issues in urban co-operative banks and the expectations of the RBI and the Deposit Insurance and Credit Guarantee Corp.  End

 

Reported by Kshipra Petkar

Edited by Akul Nishant Akhoury

 

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