Swaminathan J, Deputy Governor, Reserve Bank of India spoke on the theme of Role and Expectations of Directors of Urban Co-operative Banks: Upholding Governance and Professionalism with Capacity Building and Technology Upgradation during South Zone Conference. Several Chairmen, Directors and Chief Executive Officers of Urban Co-operative Banks based in Andhra Pradesh, Karnataka, Kerala and Telangana
RBI deputy governor Swaminathan J countered the notion that a small entity like an Urban cooperative Bank (UCB) is not systemically important. He underscored the importance of governance standards and the inter-connectedness of financial entities. Even a small disturbance can have far-reaching effects and erode public trust. The failure of UCBs in the past highlights the contagion risks posed by smaller banks. UCBs play a critical role in the financial system, serving various sectors of society. Transparent decision-making, accountability, and adherence to best practices are crucial.
UCB SA (OTCMKTS:UCBJY – Get Free Report) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totalling 4,700 shares, a decline of 58.4% from the December 31st total of 11,300 shares. Based on an average trading volume of 20,100 shares, the days-to-cover ratio is […]
Deputy Governor Swaminathan J of the Reserve Bank emphasized the imperative to bolster governance and technological infrastructure in urban cooperative banks (UCBs) during discussions with south-based UCBs. He stressed on the crucial role UCBs play in advancing financial inclusion and stressed the necessity of proactive measures to ensure the resilience of the UCB sector.