New Delhi, RBI Deputy Governor Swaminathan J has emphasised stronger governance, robust internal controls and greater technology adoption in urban cooperative banks (UCBs).He was addressing the 3rd Conference of Registrars of Cooperative Societies (RCSs) organised by the Reserve Bank of India (RBI) here on Tuesday.Swaminathan also emphasised closer coordination between the RBI and the Registrars of Cooperative Societies and the Central Registrar of Cooperative Societies (CRCS).He also highlighted the need to strengthen controls against cyber-enabled frauds and money-mule accounts, and referred to Mission SAKSHAM as an initiative for capacity building in the sector.Speaking at the conference, Deputy Governor Shirish Chandra Murmu observed that while cooperation has deep roots in India, a cooperative society, once licensed as a bank, assumes greater responsibilities and accountability.He emphasised the importance of professional and fit-and-proper Boards and senior management, robust internal controls, greater technology adoption and timely resolution of weak UCBs.Central Registrar of Cooperative Societies Shiv Pal Singh emphasised closer coordination between the cooperative authorities and the RBI, continued professionalisation of UCBs, and timely resolution of banks under liquidation.Discussions during the conference covered key governance, regulatory and supervisory issues concerning UCBs, including the expectations of the RBI and the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Need stronger governance, internal controls in urban cooperative banks: RBI Deputy Guv
In a recent address, RBI Deputy Governor Swaminathan J urged urban cooperative banks to strengthen their governance frameworks and adopt technological advancements. He pointed out the critical need for better collaboration between the RBI and cooperative authorities. Deputy Governor Shirish Chandra Murmu reinforced the importance of having professional boards and solid internal controls. Additionally, Shiv Pal Singh emphasized the need for swift handling of liquidation processes within banks.









