RBI prescribes compliance functions and role of the Chief Compliance Officer in Primary UCBs

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  • Last Updated on 21 September, 2022

Co-operative banks

Circular No. RBI/2022-2023/118, Dated: 19.09.2022

The RBI has decided to introduce certain principles, standards and procedures for Compliance Function in UCBs. The circular shall be applicable to all UCBs under Tier 3 and Tier 4 categories. Further, the UCBs under Tier 4 category shall have to put in place a Board-approved policy and a Compliance Function, including the appointment of a Chief Compliance Officer (CCO), based on the framework given in an annexure as a part of the circular, latest by 01.04.2023.

Click Here To Read The Full Circular

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