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of <h1>RBI Requires Banks to Follow Uniform Provisioning Norms for Fraud Accounts; Immediate Action for Delayed Reporting.</h1> The Reserve Bank of India (RBI) mandates all scheduled commercial banks, excluding regional rural banks, to adhere to uniform provisioning norms for fraud accounts. Banks must provide for the entire amount due, regardless of security held, over four quarters from fraud detection. If reporting to the RBI is delayed, full provisioning is required immediately. The RBI may take supervisory action for reporting delays. Banks must follow the guidelines on fraud classification and reporting as per the circular dated July 1, 2014.
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