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


Date: 13-08-2020
Subject: RBI asks large 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 classification from September 30, 2021.

"UCBs which meet the (specified) criteria as at the end of the current or subsequent financial years shall implement system-based asset classification within a period of six months from the end of the financial year concerned," the RBI said.

System-based asset classification, refers to asset classification (downgrading as well as upgrading) carried out by the CBS /computerized systems of the bank in an automated manner on an ongoing basis, based on the relevant RBI instructions/guidelines.

Meanwhile, the RBI has also asked all concerned UCBs to conduct pilot/parallel run and evaluate the results for accuracy/integrity of the asset classification in compliance with the RBI instructions so that they can implement it from the appointed date.

Source:- moneycontrol.com

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