RBI asks urban cooperative banks to appoint compliance chiefs by April 2023

RBI said this directive should be placed in the immediate next meeting of the Board of Directors for information

The Reserve Bank of India has asked Urban Cooperative Banks (UCBs) with deposits above Rs 10,000 crore to appoint a chief compliance officer (CCO) by April 01, 2023, to improve corporate governance. These banks are categorised as tier-4 entities.

RBI gave tier-3 banks — those with deposits above Rs 1,000 crore and less than Rs 10,000 crore — time till October 01, 2023, to appoint CCO.

As for UCBs under tier-1 — with deposits up to Rs 100 crore — and tier-2 — with deposits more than Rs 100 crore and up to Rs 1,000 crore — the