RBI issues Master Circular on ‘Information Technology Framework for the NBFC Sector

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.

September 16th, 2017