RBI issues detailed norms for outsourcing of IT services by banks

RBI issues detailed norms for outsourcing of IT services by banks

• By Staff Writer

The Reserve Bank of India (RBI) has issued detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities. According to RBI, the underlying principle of the directions is to ensure that outsourcing arrangements neither diminish Regulated Entities' ability to fulfil its obligations to customers nor impede effective supervision by the central bank.