Notifications

(120 kb)
Frauds – Classification and Reporting

RBI/2012-13/505
DBS.FrMC.BC.No. 6/23.04.001/2012-13

May 23, 2013

The Chairmen & Chief Executive Officers of all
Scheduled Commercial Banks (excluding RRBs)
and All India Select Financial Institutions

Dear Sir,

Frauds – Classification and Reporting

Please refer to Para 3.1.3 of circular DBS. FrMC. BC. No. 1/23.04.001/2012-13 dated July 02, 2012 i.e. the Master Circular on 'Frauds – Classification and Reporting' which requires commercial banks to furnish in hard copies the FMR-1 reports in all cases detected at bank’s subsidiaries/affiliates/joint ventures.

2. It has since been decided to partially amend Para 3.1.3 of Master Circular DBS. FrMC. BC. No. 1/23.04.001/2012-13 dated July 02, 2012 on 'Frauds – Classification and Reporting’ by providing that in case the subsidiary of the bank is an entity which is regulated by Reserve Bank of India and is independently required to report the cases of fraud to RBI in terms of guidelines applicable to that subsidiary/affiliate/joint venture, the parent bank need not furnish the hard copy of the FMR-1 statement in respect of fraud cases detected at such subsidiary/affiliate/joint venture.

Yours faithfully

(R. K. Sharma)
General Manager


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