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The Reserve Bank of India (RBI) has released a draft Master Direction on Outsourcing of Information Technology (IT) Services for comments from regulated entities (REs), stakeholders, and the public.
With increasing reliance on IT and IT-enabled services (ITeS) provided by third parties, regulated entities face exposure to various operational and security risks. The draft guidelines aim to establish a risk management framework for outsourcing IT services, including managing concentration risk, conducting periodic risk assessments, and addressing outsourcing to foreign service providers.
The draft was announced in the Statement on Developmental and Regulatory Policies released with the bi-monthly Monetary Policy Statement on February 10, 2022.
Stakeholders are invited to submit their feedback and comments by July 22, 2022 via email, with the subject line: “Feedback on Master Direction on Outsourcing of IT Services”. The RBI will consider the feedback before issuing the final Master Direction.
[RBI]