Urban Cooperative Banks must be mindful of trust reposed by depositors: RBI Governor

Mumbai (Maharashtra) [India], March 19 (ANI): Urban Cooperative Banks (UCBs) need to be mindful of their responsibilities, particularly the trust reposed on them by the depositors, said RBI Governor Sanjay Malhotra.

The Governor on Wednesday held a meeting with the Chairmen, Managing Director and Chief Executive Officers of select Urban Cooperative Banks (UCBs) across all Tiers operating in different parts of the country.

He stressed the importance of maintaining high standards of customer service to build and retain trust.

The representatives from industry bodies viz., National Urban Cooperative Finance and Development Corporation Limited (NUCFDC) and National Federation of Urban Cooperative Banks and Credit Societies Limited (NAFCUB) also participated in the meeting.

The meeting was a part of the Reserve Bank's series of engagements with its regulated entities.

The Governor, in his opening remarks, acknowledged the important role of Urban Cooperative Banks in serving the people at the grassroots level and deepening financial inclusion.

He stated that RBI will continue to support the sector in its growth ambitions but emphasised that UCBs also need to be mindful of their responsibilities, particularly in view of the trust reposed on them by the depositors.

He stressed the importance of maintaining high standards of customer service to build and retain trust.

UCBs were also advised to ensure that they remain operationally resilient including against IT and cyber-related risks.

The participants shared their feedback and gave various suggestions during the interactive session of the meeting. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)