Cash Management activities of the banks Standards for engaging the Service Provider and its sub-contractor
It was announced vide para 11 of the Statement on Developmental and Regulatory Policies dated April 05, 2018 that in view of the increasing reliance of the banks on outsourced service providers and their sub-contractors in cash management logistics, certain minimum standards will be prescribed for the service provider / sub-contractors who are engaged by the banks for this purpose. Accordingly, it has been decided that the banks shall put in place certain minimum standards in their arrangements with the service providers for cash management related activities. The details of the same are in the Annex. Banks are advised to review their existing outsourcing arrangements and bring them in line with these instructions within 90 days from the date of this circular.