RBI issued instructions to all the Financial Institutions including Banks, Cooperative Banks, NBFC’s and other FI’s to initiate necessary action for reclassification of enterprises as per the new definition w.e.f July 1, 2020 and issue necessary instructions to your branches/controlling offices in this regard,
Union government will bring an ordinance to put cooperative banks under RBI supervision. All govt banks, including urban and multi-state cooperative banks will be brought under the supervisory powers of the RBI.
The RBI has also decided to prescribe a comprehensive cyber security framework for UCBs, as a graded approach, based on their digital depth and inter- connectedness with the payment systems landscape, digital products offered by them and assessment of cyber security risk. A comprehensive Cyber Security Framework for UCBs has been formulated based on a graded approach. The UCBs have been categorised into four levels based on their digital depth and interconnectedness to the payment systems landscape.
RBI decided that Primary (Urban) Co-operative Banks (UCBs) having total assets of ₹500 crore and above as on 31st March of the previous financial year shall report credit information, including classification of an account as Special Mention Account (SMA), on all borrowers having aggregate exposures of ₹5 crore and above with them to Central Repository of Information on Large Credits (CRILC) maintained by the Reserve Bank. Aggregate exposure shall include all fund-based and non-fund based exposure, including investment exposure on the borrower.