The Reserve Bank of India today said the audit panel of the board at urban cooperative banks (UCBs) needs to improve overall oversight and functioning of the regulated entity. The financial sector regulator also flagged the importance of the internal audit function in early detection of irregularities and the need for leveraging technology.
M Rajeshwar Rao, Deputy Governor of the RBI, in his address to directors and chief executives of select UCBs in Lucknow, highlighted the critical role played by urban co-op banks in providing banking services, especially to the unbanked. While stressing the need for effective governance, he also emphasised the importance of a robust and comprehensive risk management framework in ensuring sound banking operations.
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As part of the Reserve Bank’s continuing engagement with the Directors of UCBs, the RBI today held a Conference for the Northern Zone in the capital of Uttar Pradesh. The theme of the Conference was ‘Governance in UCBs: Risk Management, Compliance, and Audit’.
On April 5, 2024, Shaktikanta Das, Governor of the RBI, in his statement on monetary policy said banks, NBFCs, and other financial…
