The licences ofNBFCshave been cancelled for violating RBI guidelines on outsourcing and Fair Practices Code in their digital lending operations. As per RBI, these five NBFCs will not carry out the business of a Non-Banking Financial Institution (NBFI), as defined in clause (a) of Section 45...
2023 (‘SBR Directions’)3, particularly Annexure 13 on Instructions on Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs (‘Outsourcing Guidelines’), Para 2 lays down stringent conditions for outsourcing to ensure compliance, accountability, and effective risk managemen...
Managing outsourcing risk and compliance with VMware Cloud on AWS VMware has implemented a wide range of security controls to help set up a secure and reliable environment for financial institutions to manage workloads and address various compliance requirements, including the...
Using payment aggregators: The DL guidelines do not take an express position on the use of payment aggregators (PAs) by the REs or LSPs. PAs use an escrow account to pool payments before disbursing to end-beneficiaries (of the RE’s loan to the borrower or the borrower’s repayments ...
NBFCs adhere to RBI guidelines to maintain transparency and stability, promoting an inclusive and robust financial ecosystem. 10,000+ Experienced Professionals Comprehensive Guidance 98% Client Retention Rate Round-the-clock Support Schedule Meeting Functions of NBFCs with a NBFC License ...
The Bank must also carry out on-going due diligence. A bank must update an AePS touchpoint operator’s KYC, if they have not performed any financial transaction for a continuous period of six months. Further, theNPCI and the banks must ensure that an AePS touchpoint operator is onboarded...
Card-issuers shall ensure adherence to the guidelines on “Managing Risks and Code of Conduct in Outsourcing of Financial Services” as amended from time to time. 29. Compliance with Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing o...
Moreover, the RBI has granted an online payment aggregator license to Jio Payments Solutions (JSPL), a subsidiary of Jio Financial Services, the company informed in astatement. “Please note that Jio Payment Solutions Limited (“JPSL”), a wholly owned subsidiary of the Company, vide its e...
it has now been decided to put in place a PCA Framework for NBFCs to further strengthen the supervisory tools applicable to NBFCs. The PCA Framework for NBFCs, as contained in the enclosed Annex, comes into effect from October 1, 2022, based on the financial ...
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