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Master Circular – Frauds Future approach towards monitoring of frauds in NBFCs

RBI/2013-14/39
DNBS.PD.CC. No.337/03.10.042/2013-14

July 1, 2013

All Deposit taking NBFCs (including RNBCs) and NBFC-ND-SI

Dear Sirs,

Master Circular – Frauds Future approach towards monitoring of frauds in NBFCs

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India had issued a Master Circular No 283 on the captioned subject, which is now updated up to 30th June 2013. The Mater Circular has also been placed on the RBI web-site (http://www.rbi.org.in). A copy of the revised Master Circular is enclosed.

Yours faithfully,

(N. S. Vishwanathan)
Principal Chief General Manager


CONTENTS

1.

INTRODUCTION

2.

CLASSIFICATION OF FRAUDS

3.

REPORTING OF FRAUDS TO RBI
3.1 Frauds involving Rs. 1 lakh and above
3.2 Frauds committed by unscrupulous borrowers
3.3 Frauds involving Rs. 25 lakh and above
3.4 Cases of attempted frauds

4.

QUARTERLY RETURNS
4.1 Report on Frauds Outstanding
4.2 Progress Report on Frauds

5.

REPORTS TO THE BOARD
5.1 Reporting of frauds
5.2 Quarterly Review of Frauds
5.3 Annual Review of Frauds

6.

GUIDLINES FOR REPORTING FRAUDS TO POLICE
FMR-1: Report on Actual or suspected Frauds in NBFCs
FMR-2: Quarterly Report on Frauds Outstanding
FMR-3: Quarterly Progress Report on Frauds of Rs 1.00 lakh & above
APPENDIX

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Click here to download the Master Circular

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Tags: Businesschartered accountantGeneral managerIndiaMaster CircularNon-banking financial companyReserve Bank of IndiaRun batted in

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