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The central bank had in August MPC announced to issue a direction on managing risks and code of conduct in outsourcing of financial services.

The Reserve Bank of India (RBI) has tightened customer due diligence (CDD) norms by requiring banks and regulated entities to adopt a risk-based approach for periodic updating of Know Your Customer (KYC) information. The amendments to the Master Direction on KYC follow government instructions related to money laundering rules, unlawful activities, and the prevention of weapons of mass destruction. The RBI has also updated instructions in line with recommendations from the Financial Action Task Force. The amended provisions will come into effect immediately.

As per the RBI governor, the consolidation of master guidelines will fine tune the redressal of customers' complaints. In November 2021, the RBI announced the Integrated Ombudsman by merging three different ombudsman schemes. The current announcement deals with streamlining the operational aspect of the ombudsman scheme to make it easier for customers to file complaints.

The Reserve Bank of India (RBI) has decided to issue a consolidated Master Direction to strengthen the Internal Ombudsman (IO) mechanism in banks and regulated entities to enhance customer protection."Based on the learnings from the ...

While expanding the scope for regulated entities (REs) which can classify borrowers as wilful defaulters, broadening the definition of wilful default, and refining the identification process, the draft master directions issued by Reserve Bank of India (RBI) mandates a review and finalisation on wilful default aspects within six months after the loan is classified as a non-performing asset (NPA).