RBI Strengthens Cybersecurity Measures for Urban Co-operative Banks

 

Hyderabad, January 24, 2024: The Reserve Bank of India (RBI) reinforced its commitment to fortifying the Urban Co-operative Bank (UCB) sector against cyber threats during a Conference of Directors of select UCBs in the Southern Zone. The event, held in Hyderabad, focused on the theme 'Governance in UCBs: Combating Cyber Threats and Enhancing Resilience.

Deputy Governor Shri Swaminathan J, in his keynote address, underscored the vital role UCBs play in advancing financial inclusion. He stressed the significance of proactive measures to ensure the resilience of the UCB sector. Discussions during the conference delved into strategies to strengthen cybersecurity, foster a culture of cyber awareness, and implement effective measures against cyber-attacks.

Senior RBI officials, including the Executive Director, participated in an open house interactive session, engaging with Directors of UCBs to address concerns and provide insights. The Deputy Governor highlighted the need for good governance, technology adoption, and capacity building within the UCB sector.

This conference follows the RBI's prior engagement with Directors of large UCBs in Mumbai in August 2023. The RBI continues its efforts to safeguard the financial sector by promoting robust governance, cybersecurity measures, and operational resilience in UCBs.

Press Release: 2023-2024/1736

Chief General Manager: Yogesh Dayal