Urban Coop Banks must report above Rs 1-cr fraud to CFMC: RBI

To streamline monitoring of fraud cases in Urban Cooperative Banks, the RBI today 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.
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 central bank said in a notification.
As per the earlier provision, cases of individual frauds involving amounts of Rs 25 lakh and above were to be reported to CFMC, Bengaluru.
"Individual frauds of Rs 1 crore and above should be reported to CFMC, Department of Banking Supervision (DBS), RBI, Bengaluru...Within three weeks from the date of detection ...," the RBI said while making changes in monitoring and reporting mechanism for Primary (Urban) Co-operative Banks.

Individual frauds of Rs 1 lakh and above but below Rs 1 crore now has to be reported to the regional offices concerned.
Frauds below Rs 1 lakh are not to be reported individually to the RBI.