IT service outsource norms to kick in from October this year, says RBI

The Reserve Bank of India (RBI) on Monday released the final norms for outsourcing of information technology- (IT-) related services by financial sector entities, which will come into effect from October 1.

The regulator has given 12 months to comply with the norms for existing contracts, which will come up for renewal before October 1. For agreements that are due for renewal on or after October 1, the RBI-regulated financial institutions have been asked to comply with the norms within 36 months of the renewal dates.