RBI Governor Sanjay Malhotra has urged Urban Cooperative Banks (UCBs) to be mindful of their responsibilities, particularly given the trust reposed in them by the depositors.
During a meeting with the chairpersons and CEOs of select UCBs across all tiers operating in different parts of the country, Malhotra acknowledged the important role of UCBs in serving the people at the grassroots and deepening financial inclusion.
He stated that the RBI will continue to support the sector in its growth ambitions. 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.
Representatives from industry bodies including National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and National Federation of Urban Co-operative Banks & Credit Societies Limited (NAFCUB) participated in the meeting and shared their insights.