UCBs Should Brace Up For Cyber Risks: RBI Guv

Mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday asked urban co-operative banks to remain operationally resilient against IT and cyber-related risks. The Governor held a meeting here with the chairmen, managing directors (MDs) and chief executive officers (CEOs) of select Urban Co-operative Banks (UCBs) across all tiers operating in different parts of the country. In his opening remarks, the Governor acknowledged the important role of UCBs in serving the people at the grassroots level and deepening financial inclusion, RBI said in a release.

Malhotra stated that the Reserve Bank will continue to support the sector in its growth ambitions and 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,” RBI said.

The participants shared their feedback and gave various suggestions during the interactive session of the meeting. The representatives from industry bodies -- NUCFDC and NAFCUB also participated in the meeting.