Urban cooperative banks need to evolve digitally: RBI Deputy Governor Swaminathan
Reserve Bank of India (RBI) Deputy Governor Swaminathan J on Thursday stressed the need for urban cooperative banks to evolve digitally, addressing IT and cybersecurity gaps as he highlighted the importance of improving the liquidation process to protect depositors' interests. Speaking at the Second Conference of State Registrars of Cooperative Societies (RCSs) here, Swaminathan also stressed the importance of coordinated engagement between the RBI and registrars of co-operative societies, respecting each other's roles.
While financial indicators for UCBs have improved, he noted room for growth in business, asset quality, and liquidity, he said.
The RBI said the 2nd Conference of State Registrars of Cooperative Societies (RCSs) was co-chaired by RBI Deputy Governors M Rajeshwar Rao and Swaminathan and attended by senior RBI officials.
Deputy Governor Rao highlighted cooperative banks' crucial role in financial inclusion, especially in rural areas, by serving marginalised communities.
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