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Threshold for monitoring of frauds in NBFCs (All Deposit taking NBFCs, including RNBCs and NBFCs- ND-SI)

RBI has decided to revise the threshold for monitoring of frauds in NBFCs (All Deposit taking NBFCs, including RNBCs and NBFCs- ND-SI).

The threshold for reporting frauds and submission of quarterly progress reports on frauds to Central Fraud Monitoring Cell, Reserve Bank of India, Department of Banking Supervision, has been revised from Rs. 25 lakh as on date to Rs. 1 crore with immediate effect.

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

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