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ARTICLE · 07 SEPTEMBER 2017

NBFCs – Time To Spruce Up It Framework

Samvad Partners
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In its effort to align the information technology framework of NBFC with evolving best practices, the RBI has issued a Master Direction on June 8, 2017 on the ‘Information Technology Framework for the NBFC Sector'.

IndiaFinance and Banking
Samvad Partners
Samvad Partners
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In its effort to align the information technology framework of non-banking financial companies ("NBFC") with evolving best practices, the Reserve Bank of India ("RBI") has issued a Master Direction on June 8, 2017 on the 'Information Technology Framework for the NBFC Sector' ("Directions').

These Directions focus on - the governance of information technology ("IT") framework, audit of information systems, outsourcing of IT services, business continuity planning and the formulation of IT and cyber security policies for non-deposit taking NBFCs. The primary objective of these Directions are to enhance the safety, security and operational efficiency of NBFCs.

Applicability

The Directions apply to two categories of non-deposit taking NBFCs:

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