RBI has asked UCBs with assets over and above of Rs 2,000 crore to implement system-based asset classification with effect from June 30, 2021.
UCBs with assets between Rs 1,000 – Rs 2,000 crore as on March 31, 2020 after self-assessment and being under level III or level IV under the December 2019 guidelines on cyber-security shall implement system-based asset classification with effect from September 30, 2021.
RBI has directed UCBs meeting the criteria as at the end of the financial year shall implement system-based asset classification within a period of six months from the appointed system date.
RBI said, “For smooth implementation of the system, all concerned UCBs may conduct pilot/parallel run and evaluate the results for accuracy/integrity of the asset classification in compliance with the applicable RBI instructions so as to ensure that they are ready for implementation of the system-based asset classification from the appointed date.”
The regulator has also encouraged the UCBs not falling in the above criteria to implement system based asset classification
