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RBI help to UCBs to implement CBS

The Reserve Bank of India (RBI) has created a scheme to provide financial assistance to urban cooperative banks image001(UCBs) in implementing core banking solutions (CBS). The RBI said in its first bi-monthly Monetary Policy Statement 2016-17 that it will offer assistance and technology support through the Institute for Development and Research in Banking Technology (IDRBT) to those UCBs who have ‘partially implemented CBS or are yet to implement CBS’. RBI intends to standardize the banking systems and the scheme would be implemented by IDRBT and Indian Financial Technology and Allied Services (IFTAS) (a subsidiary of IDRBT). Suma Varma, principal CGM, RBI, said the initial set up cost of Rs 400,000 would be met RBI. Thereafter, the recurring cost of Rs 15,000 per branch per month will be borne by the UCBs. RBI said banks which are under directions imposed under Section 35A of Banking Regulation Act, 1949 will not be eligible for the scheme

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