May marked several sweeping regulatory developments in the fintech space. While the proactive approach of the RBI in monitoring the NBFCs caused a stir, several other key developments also made the he...
Published On: 24/04/2023
Practice Area: Technology, Media & Telecommunications, Financial Services
Authors:
The Reserve Bank of India on April 10, 2023, issued the Reserve Bank of India (Outsourcing of Information Technology Services) Directions, 2023 ("Directions") to govern and regulate Information Technology services outsourced by Regulated Entities. The primary objective of the Directions is to protect Regulated Entities from any impact that outsourcing of IT services may have on their business; and to protect customers of Regulated Entities from any risk of unauthorized access, loss or theft of their data. INDUSLAW's Namita Viswanath, Raghav Muthanna and Ananya Dash summarise the key highlights of the Directions and their potential impact on all stakeholders.
