FRAUDS – FUTURE APPROACH TOWARDS MONITORING OF FRAUDS IN NBFCs
CIRCULAR DNBR (PD) CC.NO.075/03.10.001/2015-16, DATED 18-2-2016
Please refer to circulars DNBS.PD.CC.No.127/ 03.10.42/2008-09 dated August 14, 2008, DNBS.PD.CC.No.256/03.10.042/2011-12 dated March 02, 2012 and DNBS.PD.CC.No.314/03.10.042/2012-13 dated December 13, 2012 on the captioned subject. It has been decided to revise the threshold for reporting of frauds and submission of quarterly progress reports on frauds to Central Fraud Monitoring Cell, Reserve Bank of India, Department of Banking Supervision, from Rs. 25 lakh as on date to Rs. 1 crore with immediate effect.
2. As regard reporting of frauds and submission of quarterly progress reports on frauds below the revised threshold, NBFCs will have to furnish the same to the Regional Office of Reserve Bank of India, Department of Non-Banking Supervision under whose jurisdiction the Registered Office of the NBFC falls.
3. All other instructions contained in the above mentioned circulars continue to remain in effect.