Revamping Urban Cooperative Banks: The RBI's Digital Vision

RBI Deputy Governor Swaminathan J called for urban cooperative banks to prioritize digital upgrades and address cybersecurity gaps. The conference stressed the importance of cooperative governance and collaboration between RBI, RCSs, and other stakeholders in enhancing operational efficiency and protecting depositors' interests.

RBI Deputy Governor Swaminathan J highlighted the urgency for urban cooperative banks to enhance their digital infrastructure, addressing cybersecurity vulnerabilities to safeguard depositors' interests.

Speaking at a crucial conference, he emphasized collaboration between the RBI and the State Registrars of Cooperative Societies (RCSs) to refine governance and streamline liquidation processes.

Deputy Governor Rao underscored cooperative banks' essential role in rural financial inclusion, stressing the need for robust governance to overcome risk management challenges and ensure the sector's growth and stability.

(With inputs from agencies.)