IMPLEMENTATION OF CORE BANKING SOLUTIONS (CBS) BY URBAN CO-OPERATIVE BANKS (UCBS)

Notification No.: RBI/2012-13/437

Date: 13th March, 2013

The Government of India has observed that Urban Co-operative Banks (UCBs) without CBS do not integrate well with the banking system and hence there is the need to quickly adopt this model. CBS is a necessity in today’s banking scenario.

UCBs are, therefore, advised in their own interest, as also in the interest of their customers, to adopt CBS as soon as possible. A large number of softwares are available today, including cloud based solutions, and UCBs may adopt the model that meets their bank’s requirement.

Information available with the Reserve Bank indicates that very few UCBs have adopted CBS.

Hence all UCBs are advised to implement CBS, in all their branches before December 31, 2013.

The concerned Regional Office of the Reserve Bank may be kept informed of the progress made in implementing CBS. It may be noted that failure to implement CBS within the timeframe, could result in denial of various facilities (expansion of branches or area of operation etc.) to UCBs.

Regards

CA. Mona Singhal

Partner

Arpit Gupta & Associates

Chartered Accountants

701, Nirmal Tower,

26, Barakhamba Road,

Connaught Place, Delhi-110001

Mobile:- +91-9873082769 

Website: www.caaga.co.in