RBI to implement System Based Asset Clarification in Urban Co-operative Banks

Published on August 14, 2020
Current Context: Reserve Bank of India has taken the decision to implement system-based asset clarification in urban co-operative banks (UCBs).
RBI to implement System Based Asset Clarification in Urban Co-operative Banks
  • The decision is taken to improve efficiency, transparency and integrity on the clarification process of assets in UCBs. 
  • Under this, asset clarification will be carried out by core banking solution and computer-based system in an automatic manner by following RBI’s guidelines.
  • As per the decision, RBI has said that UCBs will have to implement system-based asset clarification with an effect from 30th June 2021. 
  • The UCBs who are having total assets of Rs 1000 crore and above but less than Rs 2000 crore (as on 31st March 2020) and are self-assessed under Level III or Level IV on ‘ Comprehensive Cyber Security Framework for UCBs- A Graded Approach’ is strictly mandated to implement it from 30th September 2021.
  • As per the released guidelines, UCBs are required to implement system-based asset clarification within a period of 6 months from the concerned financial year-end.
  • UCBs who are not in the above criteria of prescribed assets value will have to voluntarily implement this system based asset clarification in their own interest. 
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

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