IT Framework for NBFC
Over the last few years Non-Banking Finance Company (NBFC) has gown drastically in terms of complexity, size and operations in variety of market products and have shown notable alternate sources of credit intermediation. As the industry is maturing its Information Technology (IT) and Information Security (IS) should be stream line and follow industry best practices.
To improve the Efficiency and Security for NBFCs, the Reserve Bank of India (RBI) has released the Master Direction – Information Technology Framework for NBFC Sector (“Directions”) vide it notification no. Master Direction DNBS.PPD.No.04/66.15.001/2016-17 dated June 08, 2017. These Directions focuses on implementing operational requirements.
NBFCs sector are lightly regulated and are nor subjected to regulation and or supervision and are also allowed to conduct activities that may not fall under regulation. NBFCs may have already implemented or may be implementing some of the requirements defined in the Directions. They now required to perform
- Gap Analysis between their current IT status and requirements defined in the Directions and
- Prepare a time bound action plan to address the gap
And comply with the guidelines. The analysis may be submitted to the Board of the company within six months of the issuance of these directions.
NBFCs Systemically Important shall comply with the Master Directions by June 30, 2018 and other NBFCs (asset size below ₹ 500 crore) shall comply by September 30, 2018.
- Matrix3D will help you comply with the RBI Master Direction guidelines for both the asset size of NBFCs, below or above 500 crores. We will help you find the gaps based on the directions defined in the IT Framework.
- We will also help you implement those requirements in your organization. If you already have your current IT setup, we will project manage it to make sure that the guidelines are implemented correctly in your organization.
- Our solutions are fast and easy to implement with the complete guidelines and directions to achieve this.
- Matrix3D can move one step further and help you implement industry best practice in your organization while implementing the Master Direction Framework.
- With our expertise in audit, we make sure that your comply with the guidelines and implement them correctly.