- On Wednesday, March 19, 2025, Reserve Bank of India (RBI) Governor Sanjay Malhotra called on the Chairmen, Managing Directors, and CEOs of Urban Cooperative Banks (UCBs) to stay aware of their responsibilities, especially considering the trust that depositors place in them.
- He emphasized the need for high standards in customer service to foster and maintain that trust.
- “UCBs were also encouraged to ensure they remain resilient, particularly against IT and cyber-related threats,” the RBI noted in a statement.
- Malhotra reassured that the RBI would continue to back the sector in achieving its growth goals.
- The Governor convened a meeting with the Chairmen, Managing Directors, and Chief Executive Officers of selected UCBs from various tiers across the country.
On Wednesday, March 19, 2025, Reserve Bank of India (RBI) Governor Sanjay Malhotra called on the Chairmen, Managing Directors, and CEOs of Urban Cooperative Banks (UCBs) to stay aware of their responsibilities, especially considering the trust that depositors place in them.
He emphasized the need for high standards in customer service to foster and maintain that trust. “UCBs were also encouraged to ensure they remain resilient, particularly against IT and cyber-related threats,” the RBI noted in a statement.
Mr. Malhotra reassured that the RBI would continue to back the sector in achieving its growth goals.
The Governor convened a meeting with the Chairmen, Managing Directors, and Chief Executive Officers of selected UCBs from various tiers across the country.
Representatives from industry organizations, including the National Urban Cooperative Finance and Development Corporation Ltd (NUCFDC) and the National Federation of Urban Co-operative Banks & Credit Societies Ltd. (NAFCUB), also took part in the meeting.
This gathering was part of the Reserve Bank’s ongoing efforts to engage with its regulated entities.
In his opening remarks, the Governor recognized the vital role UCBs play in serving communities at the grassroots level and enhancing financial inclusion.
“The participants provided their insights and offered various suggestions during the interactive session of the meeting,” the RBI stated.