RBI lays down framework for outsourcing of processes by payment system operators

1 month ago 16
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The cardinal slope said outsourcing of immoderate enactment by a PSO shall not trim its obligations, and those of its committee and elder management, who are yet liable for the outsourced activity. “This model is applicable to non-bank PSOs insofar arsenic it relates to their outgo and/ oregon settlement-related activities.

The work   of addressing the grievances of its customers shall remainder  with the PSO, including successful  respect   of the services provided by the outsourced agency.The work of addressing the grievances of its customers shall remainder with the PSO, including successful respect of the services provided by the outsourced agency.

The Reserve Bank of India (RBI) connected Tuesday laid down a model for outsourcing of processes by outgo strategy operators (PSOs), excluding functions similar hazard management, interior audit and compliance from the ambit of outsourcing. The model besides mandates the formulation of a codification of behaviour for nonstop selling agents (DSAs) moving with PSOs.

The cardinal slope said outsourcing of immoderate enactment by a PSO shall not trim its obligations, and those of its committee and elder management, who are yet liable for the outsourced activity. “This model is applicable to non-bank PSOs insofar arsenic it relates to their outgo and/ oregon settlement-related activities.

It seeks to enactment successful spot minimum standards to negociate risks successful outsourcing of outgo and/ oregon settlement-related activities (including different incidental activities similar on-boarding customers, IT based services),” the RBI said successful a notification connected its website.

Outsourcing arrangements shall not impact the rights of a lawsuit of a outgo strategy against the PSO, arsenic good arsenic those of a outgo strategy subordinate against the PSO, the cardinal slope said. The work of addressing the grievances of its customers shall remainder with the PSO, including successful respect of the services provided by the outsourced agency.

The circular mandated that a PSO which has outsourced its lawsuit grievance redressal relation indispensable besides supply its customers the enactment of nonstop entree to its nodal officials for raising oregon escalating complaints. Such entree should beryllium enabled done capable telephone numbers, email ids, and postal addresses, details of which shall beryllium displayed prominently connected the PSO’s website, mobile applications and advertisements, the RBI said.

To outsource immoderate of its outgo and settlement-related activities, PSOs volition beryllium required to person a board-approved broad outsourcing policy, which incorporates criteria for enactment of outsourced activities and work providers, parameters for grading the criticality of outsourcing, delegation of authorization depending connected risks and criticality, and systems to show and reappraisal the cognition of these activities.

“The PSOs shall guarantee that the DSAs/ DMAs (direct selling agents) are decently trained to grip their responsibilities with attraction and sensitivity, peculiarly for aspects specified arsenic soliciting customers, hours of calling, privateness of lawsuit information, conveying the close presumption and conditions of the products connected offer,” the RBI said. The PSOs indispensable besides enactment successful spot a board-approved codification of behaviour for DSAs / DMAs and get their undertaking to abide by the same.

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