RBI mulling to amend regulatory guidelines for UCBs
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Speaking to reporters in Mumbai today, RBI Governor Shaktikanta Das said, the guidelines would primarily relate to exposure norms for single and group/interconnected borrowers, promotion of financial inclusion and priority sector lending.
He said, these measures are expected to strengthen the resilience and sustainability of UCBs and protect the interest of depositors. The draft guidelines in this regard will be issued shortly.
Mr. Das added that RBI has also decided to bring UCBs with assets of 500 crore rupees and above under the Central Repository of Information on Large Credits - CRILC reporting framework.
This will help in strengthening off-site supervision and early recognition of financial distress.
The apex bank has further said that it will announce a comprehensive cyber-security framework for the UCBs.
The framework would mandate implementation of progressively stronger security measures, like the implementation of bank-specific email domain; periodic security assessment of public-facing websites/applications; strengthening the cyber-security incident reporting mechanism and governance framework along with setting up of Security Operations Centre.
RBI said that this measure would bolster cyber-security preparedness and ensure that UCBs offering a range of payment services and higher information technology penetration are brought at par with commercial banks in addressing cyber-security threats. #casansaar (Source - NewsonAir)
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