Share
The Reserve Bank of India (RBI) has placed on its website the draft Master Direction on Managing Risks and Code of Conduct in Outsourcing of Financial Services and invited stakeholders to provide feedback. Comments can 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.
The draft Master Direction has been prepared to consolidate, update, and harmonize existing instructions and guidelines related to outsourcing of financial services. It aims to provide regulated entities (REs) with a single reference point for all current instructions concerning risk management and conduct requirements in outsourcing arrangements.
[RBI]
This initiative was first announced in the Statement on Developmental and Regulatory Policies issued as part of the Monetary Policy Statement dated August 05, 2022, reflecting RBI’s continued focus on strengthening governance, risk management, and compliance in financial services operations.
Stakeholders are encouraged to review the draft and provide feedback to help refine the guidelines before their final issuance.