IT Framework for NBFC Sector
The Reserve Bank of India has issued a Master Direction outlining the IT framework for the Non-Banking Financial Company (NBFC) sector.
The framework consists of six key components:
IT Governance
Establish an IT Strategy Committee to oversee IT strategy, value delivery, risk management, and IT resource management.
IT Policy
Implement an IT policy that covers IT strategy, value delivery, risk management, and IT resource management at the operational level.
Information and Cyber Security
Ensure information security through:
- Identification and classification of information assets
- Segregation of functions
- Role-based access control
- Personnel security
- Physical security
- Maker-checker
- Incident management
- Trails
- Public Key Infrastructure (PKI)
and a Board-approved Cyber-security Policy.
IT Operations
Ensure efficient IT operations.
IS Audit
Conduct regular IS audits.
Business Continuity Planning
Develop a business continuity plan to ensure continuity of critical business processes.
IT Services Outsourcing
Ensure proper outsourcing of IT services.
Chat with the Master Direction:
Download: Master Direction – Information Technology Framework for the NBFC Sector