NUCFDC and IIA India Join Hands to Improve Urban Cooperative Banks
Strategic MoU to Boost Internal Audit, Risk Management, and Governance Standards for Urban Cooperative Banks Across India
Mumbai | 23, July 2025 : The National Urban Cooperative Finance and Development Corporation Ltd. (NUCFDC) and the Institute of Internal Auditors India (IIA India) have signed a new deal. This deal will help Urban Cooperative Banks (UCBs) improve audits and follow good governance. It will also build skills and trust across the whole sector.
A New Push for Stronger Urban Cooperative Banks
The MoU was signed in Mumbai. Shri Prabhat Chaturvedi, CEO of NUCFDC, and Shri K. V. Mukundan, CEO of IIA India, led the signing. This teamwork will bring global audit rules to Urban Cooperative Banks in India. The goal is to make banks safer, stronger, and more trusted by people.
RBI Wants Better Audits in Banks
The Reserve Bank of India (RBI) wants banks to use better risk checks and audits. It also wants banks to follow global rules like IIA and BCBS standards. NUCFDC and IIA India will help UCBs follow these standards. They will also train bank staff to work better and use modern ways to check risks.
UCBs Will Get Global Tools and Training
Urban Cooperative Banks will get many new tools from IIA India. These include the Internal Auditor magazine, global webinars, online training, and workshops. They will also get updates on using ESG and AI in audits. All this will help UCBs improve their work and protect depositors.
What the Leaders Said
Shri Prabhat Chaturvedi, CEO of NUCFDC, said:
“Making Urban Cooperative Banks more professional is our main job. This deal with IIA India will help us make audits stronger. Strong audits mean better governance and growth.”
Shri K. V. Mukundan, CEO of IIA India, said:
“This deal is a big step. It will help Urban Cooperative Banks work in a more open and fair way. We want to bring global audit rules to the grassroots of India’s banking system.”
A Big Move at the Right Time
Leaders like Sumit Hans (Chief Business Officer, NUCFDC), Manish Solanki (President, IIA Bombay Chapter) and Rajiv Divadkar (Chief Growth Officer, IIA India) also joined the event.
This step is timely. India wants Urban Cooperative Banks to grow stronger and serve people better. The year 2025 is the International Year of Cooperatives. This move shows how UCBs help local growth and good banking.
This partnership will help Urban Cooperative Banks grow stronger. Better audits, strong rules, and good training will build trust and protect depositors. This deal will help India’s UCBs get ready for the future.
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