In a move aimed at an effective oversight of fraud cases in Urban Cooperative Banks, the RBI has said those involving Rs 1 crore and above will have to be reported to its Central Fraud Monitoring Cell (CFMC) at Bengaluru within three weeks of detection, reports Press Trust of India.
Fraud cases below Rs 1 crore should be reported to respective regional offices of the Department of Co-operative Bank Supervision (DCBS) of the RBI, the apex bank said in a notification.
