UP State Co-op Bank Gets RBI Green Light for Online Banking Services

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Lucknow, headquartered at the Uttar Pradesh State Cooperative Bank, finally succeeded in securing RBI approval last Monday to launch an internet banking service. It had been more than a year since the cooperative bank had struggled to obtain authorization for the same thing.

The Uttar Pradesh State Cooperative Bank requested internet banking services last year in June, but following several anomalies in the request, RBI repeatedly asked the bank to rectify them. And now the bank’s management breathes a sigh of relief after the RBI issued a letter to this effect.

It should be noted that the bank had requested internet banking services under the tenure of Bhupendra Vishoi, then managing director of the bank, who was on delegation and has now been sent to his parent organization following complaints related to his indulgence. in illegal activities. bank recruitment.

The letter came from the RBI office in Lucknow and was signed by SK Srivastava, deputy general manager. It reads: “Please refer to your request dated June 22, 2020 requesting authorization to provide Internet banking a transaction facility to your customers which is transmitted to us via NABARD, Lucknow”.

“We have reviewed your request in consultation with NABARD and are pleased to grant your bank permission to provide transactionally-friendly Internet banking services to your customers subject to compliance with all of the terms and conditions contained in our DCBR circular. BPD (PCB / RCB) Cir. No.6 / 19.51.026 / 2015-16 of 05 November 2015 ”, we also read.

According to the letter, “You are advised to notify us of the start of Internet banking services in the bank and subsequent updates / changes to the services from time to time. “

He added: “You are also advised to report to us and to NABARD any failure of security systems and procedures, as indicated in paragraph 8 of the aforementioned circular dated November 5, 2015. RBI reserves the right to order a special audit / inspection in case of violation or failure of security systems and procedures ”.

“You are advised to put in place all necessary controls and audits of all transactions, in accordance with Internet policy with appropriate oversight from the board of directors,” the letter concludes.

Despite several efforts, Indian Cooperative failed to elicit a response from Varun Mishra, the bank’s newly appointed deputy registrar and general manager.


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