Mumbai: Reserve Bank Governor Sanjay Malhotra on Monday emphasised the importance of maintaining high standards of governance and diligent oversight over asset quality during his meeting with top officials of select Urban Cooperative Banks (UCBs).
As part of the Reserve Bank of India’s continued engagement with regulated entities, the Governor held a meeting with the Chairpersons and Managing Directors & Chief Executive Officers (MDs & CEOs) of select UCBs.
In his remarks, Malhotra highlighted the continued relevance of UCBs in credit delivery particularly to the underserved areas and in expanding financial inclusion, RBI said in a statement.
He also briefly touched upon the various policy initiatives that have been undertaken by Reserve Bank relating to the co-operative banking sector since the previous interaction, and exuded confidence that these enablers will help the sector become stronger and grow in a healthy manner.
He underscored the importance of maintaining high standards of governance, robust underwriting practices and diligent oversight over asset quality, RBI said.
Further, the Governor emphasised the necessity of adopting customer-centric approach, following ethical practices, and timely grievance resolution to maintain customer trust in the sector. During the interactive session, the participants shared their feedback and suggestions on policy issues and operational matters relating to the UCB sector.
The participants included representatives from the National Urban Cooperative Finance and Development Corporation Ltd and the National Federation of Urban Co-operative Banks and Credit Societies Ltd. The meeting was also attended by Deputy Governors Swaminathan J and S C Murmu, apart from other senior officers of the Reserve Bank.