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The Reserve Bank of India (RBI) hosted the Third Conference of Registrars of Cooperative Societies (RCSs) at its New Delhi office on September 1, 2026. Deputy Governors Shri Swaminathan J. and Shri Shirish Chandra Murmu, Shri Shiv Pal Singh, Central Registrar of Cooperative Societies (CRCS), Registrars of Cooperative Societies from various States, and senior officials of the RBI participated in the Conference. Deputy Governor Shri Swaminathan J emphasised stronger governance and institutional capacity in UCBs, closer coordination between the RBI and the RCS/CRCS, and timely action where needed. He also highlighted the need to strengthen controls against cyber-enabled frauds and money-mule accounts, and referred to Mission SAKSHAM as an initiative for capacity building in the sector. Deputy Governor Shri Shirish Chandra Murmu observed that while cooperation has deep roots in India, a cooperative society, once licensed as a bank, assumes greater responsibilities and accountability. He emphasised the importance of professional and fit-and-proper Boards and senior management, robust internal controls, greater technology adoption and timely resolution of weak UCBs. Shri Shiv Pal Singh, Central Registrar of Cooperative Societies (CRCS), emphasised closer coordination between the cooperative authorities and the RBI, continued professionalisation of UCBs, and timely resolution of banks under liquidation. Discussions during the Conference covered key governance, regulatory and supervisory issues concerning UCBs, including the expectations of the RBI and the Deposit Insurance and Credit Guarantee Corporation (DICGC). (Brij Raj) Press Release: 2026-2027/1021 |
