RBI asks urban cooperative banks to implement CBS by Dec 31

Reserve Bank of India (RBI) asks urban cooperative banks to implement CBS by Dec 31, 2013.

The Reserve Bank of India (RBI)RBI-Reserve Bank of India on March 13, 2013 asked Urban Co-operative Banks (UCBs) to implement core banking solutions (CBS) in all their branches by December 31, 2013.

“…very few UCBs have adopted CBS. Hence all UCBs are advised to implement CBS, in all their branches before December 31, 2013,” the RBI said in a notification.

It further said the failure to implement CBS within the time frame could result in denial of various facilities like expansion of branches or area of operation to UCBs.

The usage of Information Technology (IT) is critical for the survival and growth of banking institutions as IT usage not only helps banks to reduce their cost of operations, but also enables them to offer products and services at competitive rates to their customers, the RBI said.

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