Banks Need Not Report Attempted Frauds of Above Rs 1 cr to RBI

MUMBAI: It has reported that the Reserve Bank today asked banks to discontinue the practice of reporting

attempted fraud cases involving Rs 1 crore or above to its Fraud Monitoring Cell.

“On a review and as a part of

rationalisation of process and procedures … The practice of reporting attempted fraud cases of Rs 10 million and above to Reserve Bank of India, Fraud Monitoring Cell, Department of Banking

Supervision, Central office may be discontinued from the date of the circular,” RBI said in a notification today.

However, the banks should continue to place the individual cases involving

Rs 1 crore and above before the Audit Committee of its Board, it added.

As per the existing guidelines, banks are required to report cases of attempted fraud, where the likely loss would

have been Rs 1 crore or more had the fraud taken place, to the Fraud Monitoring Cell of the RBI within two weeks of the banks coming to know that the attempt to defraud the bank had failed or was


(PTI, 15 November 2012)



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