The RBI can initiate action in case where a bank has delayed in reporting a fraud or provisioning there against.
The Reserve Bank of India has decided to prescribe a uniform provisioning norm in respect of all cases of frauds, where the entire amount due to the bank is to be provided for over a period not exceeding four quarters commencing with the quarter in which fraud has been detected.
“It has been decided to prescribe a uniform provisioning norm in respect of all cases of fraud,” RBI said in a notification on Thursday.
In case there’s a delay beyond the prescribed period in reporting the fraud to the Reserve Bank, the entire provisioning is required to be made at once.
The RBI can initiate action in case where a bank has delayed in reporting a fraud or provisioning there against.
“It has been decided to prescribe a uniform provisioning norm in respect of all cases of fraud,” RBI said in a notification on Thursday.
In case there’s a delay beyond the prescribed period in reporting the fraud to the Reserve Bank, the entire provisioning is required to be made at once.
The RBI can initiate action in case where a bank has delayed in reporting a fraud or provisioning there against.
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