GRI

RBI invites comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services

News Financial services English Consultations
Date: 26th Oct, 2023 Source: Reserve Bank of India Country: India Original Source

Brief

Summary:

The Reserve Bank of India has released a draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services. The document aims to consolidate and harmonize existing guidelines and instructions on outsourcing of financial services, providing a one-stop reference point for regulated entities (REs). The public is invited to provide comments and feedback by November 28, 2023, at comments@reserabankofindia.in with the subject line "Comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services"".

"

The Reserve Bank of India has today placed on its website the draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services. Comments / Feedback, if any, may be sent by email with the subject line “Comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services”, by November 28, 2023.

2. The draft Directions have been prepared by incorporating, updating, and where required, harmonizing the extant directions/guidelines/instructions to enable REs to have all current instructions on outsourcing of financial services at one place for reference.

3. It was announced in the Statement on Developmental and Regulatory Policies issued as part of the Monetary Policy Statement dated August 05, 2022, that the Reserve Bank of India will issue a draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1180

Highlights content goes here...

Summary:

The Reserve Bank of India (RBI) has published a draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services, seeking public feedback and comments by November 28, 2023. The draft direction aims to consolidate and update existing guidelines and instructions related to outsourcing of financial services under one comprehensive document.

According to the RBI, the draft direction has been prepared by incorporating updates, harmonizing existing guidelines, and providing a single reference point for Reporting Entities (REs) to follow. This initiative was announced in the Statement on Developmental and Regulatory Policies issued as part of the Monetary Policy Statement dated August 05, 2022.

The importance of this draft direction lies in its provision of a comprehensive framework for managing risks and ensuring a code of conduct for outsourcing financial services. This framework will enable REs to adopt best practices, mitigate risks, and improve overall governance of their outsourcing activities.

The draft direction is open for public feedback and comments, and stakeholders are requested to submit their suggestions via email with the subject line “Comments on draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services”” by the specified deadline.

In conclusion

Reserve Bank of India

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