Entries by Team Finserv

Draft framework for Financial Services Outsourcing

November 4, 2023 /1 Comment/in , /by

Elevating Risk Management and Regulatory Compliance – Team Finserv | finserv@vinodkothari.com Introduction Financial institutions are increasingly turning to outsourcing for cost efficiency and achievement of strategic objectives. The need and economics of outsourcing are quite clear as there is increasing specialisation in several functions in the lending journey , particularly, cloud-sourcing, use of shared technology, […]

RBI issues twin circulars to strengthen customer services relating to credit information

October 30, 2023 /0 Comments/in , /by

– Chirag Agarwal | Executive | finserv@vinodkothari.com Introduction: In a world where information is power and financial well-being is paramount, credit plays a pivotal role in shaping our opportunities and choices. Your credit history is a mirror reflecting your financial trustworthiness, and it’s closely monitored by Credit Information Companies (CICs) and Credit Institutions (CIs). RBI […]

AML/ CFT Compliances Expand – RBI Further Amends KYC Master Directions

October 20, 2023 /0 Comments/in , /by

– Chirag Agarwal | Executive | finserve@vinodkothari.com Introduction The Reserve Bank of India (“RBI” or “Regulator”) plays a pivotal role in India meeting its anti-money laundering (AML) and combating financing of terrorism (CFT) obligations as part of its membership with the Financial Actions Task Force (FATF). As the Regulator of the credit sector and payment […]

Defaulters at will, and defaulters of size: RBI proposes new Directions

September 26, 2023 /0 Comments/in , , , , , , /by

Middle and Upper Layer NBFCs also part of the system Team Finserv, finserv@vinodkothari.com (updated as on March 30,2024) Introduction The Reserve Bank of India on September 21, 2023 has issued the Draft Master Directions on Treatment of Wilful Defaulters and Large Defaulters (‘Proposed Directions’). The Directions, when finalized, will replace the existing Master circulars (referred […]