Framework: (a) REs shall put in place a Risk Management framework for Outsourcing of IT Services that shall comprehensively deal with the processes and responsibilities for identification, measurement, mitigation, management, and reporting of risks associated with Outsourcing ...
It is clear that the same will apply for any kind of fintech innovation, and the customer’s protection will need to be placed at the centre of all decisions being made. The new guidelines need to be complied with for existing loans by the end of November, and immediately for new loans...
Additionally, banks can only enter into DLG agreements with LSPs or other banks incorporated as companies under the Companies Act 2013 and with whom they’ve also entered into outsourcing agreements. What should Banks & Fintech Firms Know About RBI’s FDLG Here are the key takeaways for regula...
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...
Any non-compliance discovered in a TSP will likely have an adverse effect on an FIU, he noted. The RBI does not regulate TSPs directly, they “get covered under the outsourcing arrangement that each of the regulators have for their regulated entities,” Singh mentioned. ...
Card-issuers shall ensure that in cases where the proposed co-branding partner is a financial entity, it has obtained necessary approvals from its regulator for entering into the co-branding arrangement. 20. Outsourcing of activities Card-issuers shall also be liable for the ...
so as to restore its financial health. The PCA Framework is also intended to act as a tool for effective market discipline. The PCA Framework does not preclude the Reserve Bank of India from taking any other action as it deems fit at any time in addition...
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