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.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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