Conference for Registrars of Cooperative Societies held at Reserve Bank of India, New Delhi on November 14, 2024 - ଆରବିଆଇ - Reserve Bank of India
Conference for Registrars of Cooperative Societies held at Reserve Bank of India, New Delhi on November 14, 2024
| The Reserve Bank of India (RBI) held the Second Conference of State Registrars of Cooperative Societies (RCSs) at its New Delhi office on November 14, 2024. The event was co-chaired by RBI Deputy Governors Shri M. Rajeshwar Rao and Shri Swaminathan J. and attended by senior RBI officials. Shri Rabindra Kumar Agarwal, Additional Secretary, Ministry of Cooperation, Government of India (GoI) and Central Registrar of Co-operative Societies (CRCS), and Shri Pankaj Kumar Bansal, Additional Secretary, Ministry of Cooperation, GoI participated in the Conference along with the Registrars of Cooperative Societies from various States. Deputy Governor M. Rajeshwar Rao highlighted Cooperative Banks' crucial role in financial inclusion, especially in rural areas, by serving marginalized communities. He stressed that governance and risk management challenges could hinder effective management and urged stronger collaboration between the RCSs and RBI to enforce governance standards, resolve weak banks, and streamline compliance. Deputy Governor Shri Swaminathan J. stressed the importance of coordinated engagement between RBI and Registrars of Co-operative Societies, respecting each other's roles. While financial indicators for UCBs have improved, he noted room for growth in business, asset quality, and liquidity. He emphasized the need for UCBs to evolve digitally, addressing IT and cybersecurity gaps, and highlighted the importance of improving the liquidation process to protect depositors' interests. Shri Rabindra Kumar Agarwal, Additional Secretary and CRCS addressing the Conference proposed forming a stakeholder team to draft a model bylaws and a framework to support weaker Cooperative Banks and highlighted the need for training Liquidators. Shri Pankaj Kumar Bansal, Additional Secretary acknowledged the RBI's efforts in strengthening the cooperative sector and emphasized the importance of supporting the Umbrella Organisation to enhance Cooperative Banks, particularly in technology. Discussions during the Conference revolved around regulatory and governance issues in UCBs and the expectations of the Reserve Bank and the Deposit Insurance and Credit Guarantee Corporation (DICGC). The Conference also included an open house interactive session between the RCSs and the senior officers of the RBI(Puneet Pancholy) Press Release: 2024-2025/1514
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