RBI mandates banks to set up committees for inspection of fraud cases after the SC ruling

New Delhi [India], July 16 (ANI): Following the Supreme Court judgment of March 27, 2023, the Reserve Bank of India (RBI) on Monday came up with the revised norms that lenders must follow before classifying loan accounts as fraud.

The apex bank issued its revised Master Directions on Fraud Risk Management for Regulated Entities (REs). As per the revised directions, the lenders have to issue a detailed show-cause notice (S