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The Reserve Bank of India (RBI) convened a conference in Hyderabad on January 24, bringing together Directors from select Urban Co-operative Banks (UCBs) of the Southern Zone.
According to RBI, themed around 'Governance in UCBs: Combating Cyber Threats and Enhancing Resilience,' the conference aimed to address the escalating challenges of cybersecurity faced by Urban Co-operative Banks. Senior officials from the RBI, including Executive Directors and representatives from the Departments of Supervision and Regulation, joined the Directors at the conference. This initiative follows the RBI's previous engagement with Directors of prominent UCBs in Mumbai in August 2023. In his keynote address, Deputy Governor Swaminathan J underscored the pivotal role played by UCBs in advancing financial inclusion. He stressed the need for proactive measures to bolster the resilience of the UCB sector, emphasizing the critical aspects of good governance, technological adoption, cybersecurity fortification, operational resilience, and capacity building within the UCB sector. The discussions during the conference delved into various approaches to strengthen cybersecurity. Key areas of focus included instilling a culture of cyber awareness among UCBs and implementing effective measures to protect and respond to cyber-attacks. The Conference featured an address by the Executive Director and facilitated an open house interactive session, fostering direct communication between the participating Directors and senior RBI officials. The collaborative efforts undertaken in this conference reflect the RBI's commitment to ensuring the robustness of the UCB sector in the face of evolving challenges, particularly in the realm of cybersecurity. As the banking landscape continues to be influenced by technological advancements, such engagements serve as critical platforms for knowledge-sharing and strategizing to enhance the overall resilience of Urban Co-operative Banks. (ANI)
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