RBI asks UCBs to implement system-based asset classification from June 2021

The Reserve Bank has asked large urban cooperative banks (UCBs) to undertake the system-based asset classification from June 30, 2021, to improve efficiency and transparency.

The UCBs having total assets of over Rs 2,000 crore as on March 31, 2020, will be required to implement the system-based asset classification from June 30, 2021, an RBI circular said.

UCBs having total assets of over Rs 1,000 crore but less than Rs 2,000 crore as on March 31, 2020 and having self-assessed themselves as being under Level III or Level IV on the Comprehensive Cyber Security Framework will be required to implement system-based asset