Banks request RBI to extend reporting time frame for loan related fraud

The framework mandates that banks report fraud to the RBI CRILC within a week of the joint lenders' forum (JLF) declaring an account fraudulent

Banks have requested the Reserve Bank of India (RBI) to relax the rules on reporting loan fraud. They told the RBI that the existing norms are too stringent, The Economic Times (ET) reported. The banks have sought a month's time for reporting loan fraud to the RBI. The current time frame for reporting loan fraud is seven days.