Question
What is the requirement for the implementation of Core
Banking Solution (CBS) for a UCB to be classified as FSWM? Direction (11 to 13):- Â Read the following information to answer the questions below: Given the heterogeneity in the cooperative sector, a tiered regulatory framework was required to balance the spirit of mutuality and co-operation more prevalent in banks of smaller sizes and those with limited area of operation vis-Ã -vis the growth ambitions of the large-sized Urban Cooperative Banks to spread their area of operation and undertake more complex business activities. The Reserve Bank of India had constituted the Expert Committee on Urban Co-operative Banks to examine the issues in urban cooperative banking sector and to review regulatory/ supervisory approach for strengthening the sector. Based on the recommendations of the Expert Committee, RBI had released the Revised Regulatory Framework for Urban Co-operative Banks (UCBs) on July 19, 2022. Accordingly, it was decided to adopt a four-tiered regulatory framework, as against the then existing two-tiered framework, for categorization of UCBs. Going forward, this categorization would be used for differentiated regulatory prescriptions aimed at strengthening the financial soundness of the UCBs.Solution
According to RBI guidelines, for a UCB to be classified as FSWM, CBS should be fully implemented. This means that CBS should cover all operations and should be fully implemented.
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