The Reserve Bank of India has issued revised Master Directions concerning Fraud Risk Management for Regulated Entities. These entities include (i) Commercial Banks (including Regional Rural Banks) and All India Financial Institutions; (ii) Cooperative Banks (Urban Cooperative Banks / State Cooperative Banks / Central Cooperative Banks); and (iii) Non-Banking Finance Companies (including Housing Finance Companies).
Expanding their scope, these Directions now include Regional Rural Banks, Rural Cooperative Banks, and Housing Finance Companies. This expansion aims to foster stronger fraud risk management systems across these entities. Furthermore, in a move to streamline directives and ease compliance burdens on REs, these Master Directions supersede 36 existing Circulars on the subject.
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