RBI regional offices entrusted UCB fraud monitoring and reporting duties- (Reserve Bank of India) (19 May 2016)

MANU/RMIC/0079/2016

Banking

The Reserve Bank of India notified a revised fraud monitoring and reporting mechanism for Primary (Urban) Co-operative Banks.

Under the new process, frauds under Rs. 1 crore will be monitored by the respective Regional Office of the Department of Co-operative Bank Supervision of the RBI. Frauds over Rs. 1 crore will be monitored by the Central Fraud Monitoring Cell of the RBI. Changes to fraud reporting are also afoot: frauds in the value of Rs. 1 lakh and over are to be reported to the RBI, with individual frauds of Rs. 1 crore and over only being sent to the CMFC.

Tags : CO-OPERATIVE BANK FRAUD REPORTING MONITORING