RBI's Call to Fortify Urban Cooperative Banks Against Cyber Threats

Reserve Bank Governor Sanjay Malhotra urged urban cooperative banks to enhance their operational resilience against IT and cyber risks. During a meeting with UCB leaders, he emphasized their crucial grassroots role and the importance of maintaining trust through excellent customer service and financial inclusion.

The Reserve Bank's Governor, Sanjay Malhotra, has called upon urban cooperative banks to bolster their defenses against IT and cyber-related threats. The message was delivered at a significant meeting with key figures from Urban Cooperative Banks (UCBs) across India.

The meeting highlighted the pivotal role that UCBs play in promoting financial inclusion and serving grassroots communities. Governor Malhotra reiterated the RBI's commitment to supporting UCBs' growth, while also emphasizing their responsibility to safeguard the trust of depositors.

In addition to discussing operational resilience, participants—including representatives from major industry bodies—shared feedback and suggestions, paving the way for potential improvements. This meeting forms part of the RBI's ongoing engagement with its regulated entities to ensure the robustness of the banking sector.

(With inputs from agencies.)