Operationalisation of Central Fraud Registry
Central Fraud Registry (CFR) has been
operationalised with effect from January 20, 2016.
Revision
of limits in reporting of Fraud Cases
a) Frauds of ₹ 1 lac to ₹
5 cr will be monitored by the respective Regional Office of RBI under whose
jurisdiction the Head Office of the bank / Senior Supervisory Manager (SSM) of
the bank falls. Frauds of ₹
5 cr and above will be monitored by CFMC, Bengaluru, and
b)
Flash
reports are to be sent in fraud cases of ₹ 5 cr and above to the CGM-i-C, DBS, CO with a copy to
CFMC at Bengaluru as against the present limit of ₹ 1 cr and above.
banks/FIs need not send the hard copies of
the FMR-1 returns. Instead a monthly certificate should be submitted to the
effect that soft copy of all the frauds of ₹ 1 lac and above has been sent by email. The certificate should contain serially the
fraud number, name of the party, amount involved and the date of sending the
soft copy to RBI. The certificate may be sent to CFMC, Bengaluru with a copy to
the respective Regional Office of RBI within seven days from the end of the
month.
Based on RBI Circular dt 21/01/16. Please visit www.rbi.org.in for any further clarification
if required….. Poppy
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