Telangana UCBs get RBI praise for response to Saksham
Saksham was launched to ensure urban cooperative banks and the people who lead them are equipped with the demands of present day banking.
The Reserve Bank of India (RBI) has commended the response of urban cooperative banks (UCBs) in Telangana to the Saksham mission, which aims to equip these banks and their leaders with the demands of modern banking. RBI Deputy Governor Dr. T. R. Swaminathan expressed particular satisfaction with Telangana's adoption of the mission. All 48 UCBs in the state have been represented in at least one Saksham program.
As customer expectations evolve, UCBs are increasingly required to provide convenient, quick, and digital banking services. Customers now expect to transfer funds, make payments, access accounts, and receive banking services with ease and reliability similar to other financial systems. To meet these expectations, UCBs must enhance their technology and digital capabilities, the extent of which varies depending on the bank's size, business model, and permitted services.
Even smaller UCBs in Telangana now heavily rely on technology for critical operations such as their Core Banking Solution, payments, and other functions. Many UCBs depend on outside service providers to support these technological needs. "The coverage of the identified target groups in Telangana will cross one third," Dr. Swaminathan stated.
Written by urgent.news from The Hindu's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
