The Reserve Bank of India (RBI) has issued Revised Master Directions on Fraud Risk Management to strengthen the financial sector’s defense against fraudulent activities. These updated guidelines are designed for Non-Banking Financial Companies (NBFCs), Urban Cooperative Banks (UCBs), State Cooperative Banks (StCBs), Central Cooperative Banks (CCBs), Commercial Banks (including Regional Rural Banks), and All India Financial Institutions. The revised directions focus on enhancing the mechanisms for detecting, reporting, and mitigating fraud. They aim to provide a comprehensive framework that includes improved risk assessment protocols, better internal controls, and more effective oversight procedures. The ultimate goal is to safeguard the integrity of the financial system and protect the interests of all stakeholders, including customers, investors, and regulatory authorities.
Read all the 3 master directions below:
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}