RBI Master Directions on Fraud Risk Management, 2024

Direction 2024

Effective: 15 Jul 2024

Plain-English summary

The RBI Master Directions on Fraud Risk Management, 2024, which came into effect from July 15, 2024, provide a data-driven approach to fast detection and compliance with regard to fraud risk management in banks and other financial institutions. The RBI guidelines require a formal Show Cause Notice to be issued along with a period of 21 days to respond before considering any case as fraud and operational timelines such as 180 days to address flagged accounts.

Who it applies to

Banking · NBFC / Non-bank Lending

Topics

Conduct & Consumer Protection Operational Risk & Outsourcing

Official source

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