RBI Issues Revised Master Directions on ‘Fraud Risk Management’ for the Regulated Entities
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- Last Updated on 17 July, 2024
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Press Release No. 2024-2025/698; Dated: 15.07.2024
RBI has issued three revised master directions on fraud risk management for the Regulated Entities (REs) viz.
- Commercial Banks (including RRBs) and All India Financial Institutions,
- Cooperative Banks and
- NBFCs (including HFCs).
These master directions are principle-based and strengthen the role of the Board in overall governance and oversight of fraud risk management in REs. These directions also emphasise the need for a robust internal audit and control framework in REs.
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