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In Tandem with Banking

The Banking Sector Reforms have ushered an era of changing regulatory environment, rapid technological advancements, heightened competition and consolidation for improved efficiency and productivity. Compulsions arising out of increasing competition are inducing banks to look at newer avenues to augment revenues, while trimming costs. This changing landscape in the banking industry is driving banks to explore the outsourcing option as a means of both reducing cost and accessing specialist expertise, not available internally and achieving strategic aims.

The Reserve Bank of India has put in place the guidelines on Managing Risks and Code of Conduct in outsourcing of Financial Services by the Banks, which include applications processing (loan origination, credit card), document processing, marketing and research, supervision of loans, data processing and back office related activities, etc.

RBI guidelines also provide that the banks would not require its prior approval for outsourcing financial services. RBI guidelines further provide that the service provider, if it is not a subsidiary of the bank, should not be owned or controlled by any director or officer/employee of the bank or their relatives having the same meaning as assigned under Section 6 of the Companies Act, 1956.

SyndBank Services Limited (SBSL) has been set up by SyndicateBank; a leading Public Sector Bank, as its wholly owned subsidiary, to undertake the back- office related activities of banks and financial institutions.


 
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