As of 3st March 2021, the total deposits and loans & advances of Rural Cooperative Banks (RCBs) (including State Cooperative Banks and DCCBs), Urban Cooperative Banks (UCBs) were Rs 11.34 lakh crores and Rs 8.31 lakh crores respectively.
A total of 429 cyber frauds have been reported by cooperative banks in five years. This was shared by the Minister of State for finance Bhagwat Karad, while giving a reply to the query raised by Lok Sabha member M.V.V. Satyanarayana.
Reserve Bank of India and Nabard have taken steps to minimize cybersecurity incidents and frauds. In order to strengthen SCBs and DCCBs, Nabard entered into MoU with state cooperative banks and state governments for implementing state specific development action plans.
To review the performance under DAP, the quarterly meetings of High-Powered forum under the nomenclature of State Level Task Force and High-level Committee are conducted periodically, Karad added in his reply.
