21 November 2022


Notifications & Circulars

Reserve Bank of India

19.05.2016

Banking

RBI regional offices entrusted UCB fraud monitoring and reporting duties

MANU/RMIC/0079/2016

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

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