RBI issued three revised master directions on fraud risk management

Mumbai: The Reserve Bank of India on Monday issued three revised Master Directions on fraud risk management for banks, NBFCs and housing finance companies. These Master Directions are principle-based and strengthen the role of the Board in overall governance and oversight of fraud risk management in the regulated entities (banks, NBFCs and cooperative banks). These Directions also emphasise the need for instituting robust internal audit and controls framework in banks and NBFCs, the RBI said.  (IANS)

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