IND IFSCA issued circular on internet banking services to clients of International Financial Service Centre (IFSC) banking units (IBUs), which contains directions re information, interactive information exchange, transactional services via e-channels.
Services must exclusively cater to IBU clients, ensuring a secure platform with minimal downtime, compliance with risk management, security measures, KYC requirements.
Ensures policy alignment with parent bank's IT, security policies; disclosure of risks to customers, benchmark against global banks for optimal customer experience.
IBUs shall submit an implementation plan to IND IFSCA within 45 days, and must establish internet banking services within 6 months from date of the circular's issue.
IND IFSCA directed IBUs to ensure compliance with the directions of this circular.
Effectiveness
Implementation plan is due by Jun. 6, 2024, and must establish internet banking services by Oct. 22, 2024; delay on implementation may attract restrictions.
