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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 RBI's 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.