The MoU was formally signed in Mumbai in the presence of Shri Prabhat Chaturvedi, CEO, NUCFDC, and Shri K. V. Mukundan, CEO, IIA India. The collaboration aims to introduce globally benchmarked audit and risk management frameworks to UCBs, aligning with broader regulatory objectives of strengthening institutional resilience and restoring depositor trust.

RBI guidance on risk-based internal audit encourages banks to adopt international standards of internal audit, like those issued by IIA and BCBS. Under the agreement, IIA India will support NUCFDC’s long-term mandate of improving governance frameworks within UCBs. The scope of cooperation includes the adoption of international audit standards, strengthening internal control systems, and enhancing the professional capabilities of internal auditors and senior management personnel.

NUCFDC will assist UCBs to adopt robust governance models, and IIA India will offer participating UCBs access to its extensive global knowledge base, including resources on internal audit standards, ESG, and AI-related practices in audit and risk frameworks. UCB officials will also gain access to Internal Auditor magazine, “Tone at the Top briefings”, global webinars, structured training modules, and functional workshops, as well as awareness programmes designed to improve audit quality and institutional resilience across the Urban Cooperative Banking spectrum.

Shri Prabhat Chaturvedi, CEO, NUCFDC, said,

Echoing the sentiment, Shri K V Mukundan, CEO, IIA India, said,

Key leaders from both organizations also participated, including Sumit Hans (Chief Business Officer, NUCFDC) and Manish Solanki (President, IIA Bombay Chapter), and Rajiv Divadkar (Chief Growth Officer, IIA India). The strategic alliance comes at a critical juncture, as policymakers and regulators intensify efforts to professionalise and strengthen the resilience of the Urban Cooperative Banking sector. As 2025 marks the UN-designated “International Year of Cooperatives”, the move underscores the crucial role of UCBs in promoting grassroots financial inclusion and governance-led development.

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In his address, Shri Das urged ICMAI to position itself as a ‘CEO & CFO resource center of India,’ emphasizing strategic supply-side interventions. “Modernizing the curriculum to align with global standards is crucial,” he stated. “Incorporating emerging areas such as digital costing, artificial intelligence, ESG, export accounting and global fundraising into the syllabus will prepare professionals for evolving industry demands.”

He also recommended fostering interpersonal development by partnering with executive coaches. Highlighting demand-side interventions, Shri Das called for stronger corporate partnerships to design industry-relevant programs and certifications. “Embracing Artificial Intelligence and advanced analytical tools can empower CMAs to deliver innovative cost management solutions, crucial for India’s sustainable growth,” he added.

Shri Das emphasized the critical role of renewable energy, environmental sustainability, and energy security in realizing the Government of India’s vision for a developed India (Viksit Bharat) by 2047. He said, “A greener economy, driven by a holistic approach, not only meets the nation’s energy demands but also addresses the urgent challenges of climate change and resource conservation. Together, we can achieve the vision of a Viksit Bharat by 2047.”

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