Page 8 - Master Direction News Today

The State Bank of India has moved the Supreme Court seeking exemption from sharing complete forensic audit reports with borrowers in connection with the March 27, judgment of the apex court.

On March 27, the Supreme Court ruled that the banks should give a personal hearing to borrowers before classifying their account as fraudulent, in accordance with RBIs Master Circular of July 1, 2016, and had noted that the action of classifying an account as fraud not only affects the business and goodwill of the borrower, but also the right to reputation. In a

The State Bank of India has moved the Supreme Court seeking exemption from sharing complete forensic audit reports with borrowers in connection with the March 27, judgment of the apex court.On March 27, the Supreme Court ruled that the banks ...

These norms came in the backdrop of the current practice of regulated entities (REs) of extensively leveraging IT and IT-enabled services (ITeS) to support their business models.

The RBI said the underlying principle of the Master Direction is to ensure that outsourcing arrangements neither diminish REs ability to fulfil its obligations to customers nor impede effective supervision by the RBI.

RBI’s increased scrutiny of banks servicing start-ups and tech-based companies has largely impacted the business continuity of partner fintechs, with their customers being left in a lurch 

In its Master Direction on Outsourcing of Information Technology Services, RBI said that Regulated Entities (REs) have been extensively leveraging IT and IT-enabled Services (ITeS) to support their business models, products and services offered to their customers

With a view to provide REs adequate time to comply with the requirements, norms will come into effect from October 1, 2023

Reserve Bank of India on Monday came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers. In its ‘Master Direction on Outsourcing of

India's Ministry of Electronics and Information Technology has introduced regulations primarily for online real money games, effective April 6, 2023. The Amendments propose a light touch, co regulatory framework between MeitY and registered self regulatory bodies.