Frauds-Classification and Reporting

As per para 3.4 of the above mentioned circular, cases of attempted fraud, involving likely loss of Rs 25 lakh or more should be reported to the Central Office of the Reserve Bank, Department of Banking Supervision, Frauds Monitoring Cell and a copy endorsed to Central Office of the Reserve Bank, Department of Non-Banking Supervision indicating the modus operandi and how the fraud came to light. Such cases should not be included in the other returns to be submitted to the Reserve Bank.

On a review and as a part of rationalisation of process and procedures, it has been decided to amend para 3.4 of Master Circular DNBS.PD.CC. No.283/03.10.042/2012-13 dated July 02, 2012 on Frauds – Future approach towards monitoring of frauds in NBFCs. Accordingly, the practice of reporting attempted fraud cases of Rs 25 lakh or more to Reserve Bank of India, Fraud Monitoring Cell, Department of Banking Supervision, Central office may be discontinued from the date of the circular.

To view the full text of the notification, please follow the link

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s