'RBI's bank IT norms to aid governance'
Mint Mumbai|April 17, 2023
Reserve Bank's regulation on outsourcing of IT serA vices by banking sector entities is aimed at improving corporate governance and will protect the interest of consumers, said industry experts.
'RBI's bank IT norms to aid governance'

The Reserve Bank of India (RBI) has recently come out with detailed norms for the outsourcing of IT services by banks, non-banking financial companies (NBFCs) and other regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.

These norms came in the backdrop of the current practice of regulated entities (RES) of extensively leveraging IT and IT-enabled services (ITES) to support their business models and also the products and services being offered to customers.

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