Key Takeaways
- Urban Cooperative Banks must maintain high standards of customer service to build trust with depositors.
- UCBs must ensure resilience against IT and cyber frauds to protect depositors’ trust.
- The RBI will continue to support the sector in its growth ambitions while emphasizing the need for UCBs to be mindful of their responsibilities.
Mumbai: The RBI met with Urban Cooperative Banks chiefs to emphasize the importance of maintaining high customer service standards and ensuring resilience against IT and cyber frauds.
The Governor, RBI held a meeting with the Chairmen, Managing Director & Chief Executive Officers of select Urban Cooperative Banks (UCBs) across all Tiers operating in different parts of the country.
The representatives from industry bodies viz., National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and National Federation of Urban Cooperative Banks & Credit Societies Limited (NAFCUB) also participated in the meeting.
The meeting was a part of the Reserve Bank’s series of engagement with its Regulated Entities, the RBI said in a statement.
While acknowledging the important role of Urban Cooperative Banks in serving the people at the grassroots level and deepening financial inclusion, RBI Governor Sanjay Malhotra stated that Reserve Bank will continue to support the sector in its growth ambitions but emphasised that UCBs also need to be mindful of their responsibilities, particularly in view of the trust reposed on them by the depositors.
He stressed the importance of maintaining high standards of customer service to build and retain trust. UCBs were also advised to ensure that they remain operationally resilient including against IT and cyber-related risks.
The meeting was also attended by Deputy Governors, M. Rajeshwar Rao and Swaminathan J., along with Executive Directors-in-Charge of Regulation and Supervision.
