The RBI has issued the Master Directions on Fraud Risk Management in Non-Banking Financial Companies (NBFCs) (including Housing Finance Companies) on 15th July 2024 (“Directions”) with a view to providing a framework to applicable NBFCs for prevention, early detection and timely reporting of incidents of fraud to Law Enforcement Agencies (LEAs), Reserve Bank of India (RBI) and National Housing Bank (NHB) and matters connected therewith or incidental thereto.
The said Directions shall supersede the earlier directions on the subject, namely, the Master Direction – Monitoring of Frauds in NBFCs (Reserve Bank) Directions, 2016 dated 29th September 2016.
For further details, please see:
RBI Issues Master Directions on Fraud Risk Management in NBFCs and HFCs
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