CURRENT AFFAIRS : BANKING & FINANCE
RBI Issues Detailed Norms For Outsourcing Of IT Services By Banks & Non banking financial Companies
- Reserve Bank of India (RBI) came out with detailed norms for outsourcing of IT services by banks, Non bank financial Companies (NBFCs) and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
- In its ‘Master Direction on Outsourcing of Information Technology Services’, RBI stated that Regulated Entities (REs) have been extensively leveraging IT and IT-enabled Services (ITeS) to support their business models, products and services offered to their customers.
