In a bid to address the growing cybersecurity concerns faced by Urban Co-operative Banks (UCBs) in the Southern Zone, the Reserve Bank of India (RBI) organized a conference in Hyderabad on January 24. The event, themed ‘Governance in UCBs: Combating Cyber Threats and Enhancing Resilience,’ brought together Directors from select UCBs. The conference aimed to find solutions to the escalating challenges posed by cyber threats in the banking sector.
Senior officials from the RBI, including Executive Directors and representatives from the Departments of Supervision and Regulation, actively participated in the conference. This initiative follows a previous engagement with Directors of prominent UCBs in Mumbai in August 2023, highlighting the ongoing efforts of the RBI to address critical issues faced by UCBs.
Deputy Governor Swaminathan J, in his keynote address, emphasized the crucial role played by UCBs in advancing financial inclusion. He stressed the need for proactive measures to enhance the resilience of the UCB sector, focusing on aspects such as good governance, technological adoption, cybersecurity fortification, operational resilience, and capacity building.
The conference discussions delved into various approaches to strengthen cybersecurity in UCBs. 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 goal was to equip UCBs with the necessary tools and knowledge to combat evolving cybersecurity challenges.
The conference featured an address by an Executive Director and facilitated an open-house interactive session, promoting direct communication between participating Directors and senior RBI officials. This collaborative approach aimed to foster a better understanding of the challenges faced by UCBs and to strategize effective solutions.
The efforts undertaken in this conference reflect the RBI’s commitment to ensuring the robustness of the UCB sector amidst evolving challenges, particularly in the realm of cybersecurity. As the banking landscape continues to be influenced by technological advancements, engagements like these serve as critical platforms for knowledge-sharing and strategizing to enhance the overall resilience of Urban Co-operative Banks.
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