Transcription of Guidelines on Managing Risks and Code of Conduct in ...
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Guidelines on Managing Risks and Code of Conduct in ...
RBI/2006 40/ 2006-07 November 3, 2006 All Scheduled Commercial Banks(excluding RRBs)Dear Sir, Guidelines on Managing Risks and Code of Conduct in Outsourcing of FinancialServices by banksIn view of the extensive use of outsourcing by banks, Reserve Bank had issued draft guidelineson 6th December 2005 for laying down a framework for Managing the attendant Risks inoutsourcing. On the basis of the suggestions received from all concerned, the draft guidelineshave been suitably It may be noted that it is entirely for the banks to take a view on the desirability ofoutsourcing a permissible activity related to financial services having regard to all relevantfactors, including the commercial aspects of the decision, However, should a bank.
functions like determining compliance with KYC norms for opening deposit accounts, according sanction for loans (including retail loans) and management of investment portfolio . 3 Material Outsourcing During Annual Financial Inspections, RBI will review the implementation of …
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