RBI Deputy Governor M Rajeshwar Rao on Saturday stressed the need for effective governance, the importance of the internal audit function in early detection of irregularities, and the need for leveraging technology at a Conference of Chairmen, Directors, and Chief Executive Officers of the select Urban Co-operative Banks (UCBs) of Northern Zone.
In his keynote address at the Conference at Lucknow, Rao highlighted the critical role played by UCBs in providing banking services, especially to the unbanked.
He emphasized the importance of a robust and comprehensive risk management framework in ensuring sound banking operations.
RBI Executive Director Rohit Jain underscored the importance of a strong and independent assurance function and the role of the Audit Committee of the Board in improving the bank’s overall oversight and functioning.
He also elaborated on the areas requiring improvement and further strengthening cyber security and operational resilience in the UCBs.