About 40-41% of Indian outsourcing industry's business comes from banks and financial clients..

"The new pronouncements strengthens and clarifies previously followed processes and practices even further, particularly in the areas of governance, risk, security and compliance," said Keshav R Murugesh, Group CEO of business process outsourcing provider WNS. 

While companies have engaged with regulators for a long time, "this new level of formality means more attention from seniormost stakeholders on the clients' side", he said. About 40-41% of Indian outsourcing industry's business comes from banks and financial clients, Som Mittal, the outgoing president of the industry lobbyNasscom, told ET.