Reserve Bank revamps rules for bank outsourcing to avoid failures

Wed, 20 Sep 2017

By Sophie Boot Sept. 20 (BusinessDesk) - The Reserve Bank has released its revised policy for banks which outsource services, tightening the rules to ensure the banks continue to function in the event of failure. The revised policy means foreign-owned banks have to produce separation plans showing what they would do if they abruptly lost access to services from their parent or another related party, and share those plans with the Reserve Bank. The central bank began consultation on tightening up the policy in 2015 after a 2014 stocktak...

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