Saturday, January 23, 2016

Fraud Reporting and Monitoring- Central Fraud Registry



 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