Udaipur, March 20, 2025 – Tauseef Hussain, Chairman of the Board of Directors of Udaipur Urban Co-Operative Bank Ltd (UUCB), and Samina Banu Mehmuda, CEO of UUCB, attended a meeting of select Urban Co-operative Bank (UCBs) officials called by Sanjay Malhotra, Governor of the Reserve Bank of India (RBI), yesterday, March 19, at RBI’s Mumbai headquarters.

The Udaipur Urban Co-Operative Bank Ltd was the only bank in Rajasthan to be invited to this meeting.

The Central Bank had invited the Chairpersons, Managing Directors and Chief Executive Officers (CEOs) of a few UCBs across all tiers from different parts of the country as part of RBI’s continuing interaction with its regulated entities. This was Malhotra’s first meeting with the officials after assuming office as Governor.

Other RBI officials present were Deputy Governors M Rajeshwar Rao and Swaminathan J along with Executive Directors-in-Charge of Regulation and Supervision. Attendees included Jyotindra Mehta, Chairman of the National Urban Co-operative Finance and Development Corporation Limited (NUCFDC), and Milind Kale, Vice-Chairman of the National Federation of Urban Co-operative Banks & Credit Societies Limited (NAFCUB).

In his opening remark, Malhotra acknowledged the key role played by UCBs in strengthening financial inclusion and providing services to individuals at the grassroot level. He, however, urged UCBs to be wary of their responsibilities, particularly in view of the trust placed in them by the depositor. He also advised operational pliability in tackling IT and cyber-related threats.

He encouraged the banks to bring forward every issue they face, assuring them of RBI’s commitment to a solution. However, he also emphasised that the proper channel for addressing concerns is through the federation.

The Governor added that the Central Bank was currently reviewing limits-related issues involving the Priority Sector Lending (PSLs) and small loans, following past requests submitted through the federation. He assured continued support from the RBI towards UCBs' growth ambitions.

It was an interactive meeting with a meaningful discussion on the future of urban co-operative banking. Participants shared their feedback and provided suggestions.

"It was a very fruitful session," says Tauseef, adding, "Every query and issue raised by the Chairpersons and CEOs of UCBs present at the meeting were addressed with the assurance that necessary steps would be taken for their resolution".