RBI Update – Guidance Note on Operational Risk Management and Operational Resilience

In view of the foregoing, the Reserve Bank, through this Guidance Note on Operational Risk Management and Operational Resilience (hereafter ‘Guidance Note’) intends to: promote and further improve the effectiveness of Operational Risk Management of the REs, and enhance their Operational Resilience given the interconnections and interdependencies, within the financial system, that result from the complex and dynamic environment in which the REs operate.

This Guidance Note shall apply to the following REs:

1.  All Commercial Banks;
2.  All Primary (Urban) Co-operative Banks/State Co-operative Banks/Central Co-operative Banks;
3.  All All-India Financial Institutions (viz., Exim Bank, NABARD, NHB, SIDBI, and NaBFID); and
4. All Non-Banking Financial Companies including Housing Finance Companies.

Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12679&Mode=0