<h1>RBI Updates NBFC Guidelines: Report Attempted Frauds of Rs 25 Lakh+ to Board's Audit Committee, Not RBI Fraud Cell.</h1> The Reserve Bank of India (RBI) has amended its guidelines for Non-Banking Financial Companies (NBFCs) regarding the reporting of attempted frauds involving potential losses of Rs 25 lakh or more. Previously, such cases were to be reported to the RBI's Fraud Monitoring Cell. The new directive discontinues this requirement, instead mandating NBFCs to present these cases to their Board's Audit Committee. The report should detail the modus operandi, reasons the fraud attempt failed, and measures taken to enhance controls. A yearly review of attempted fraud cases is required, starting from the fiscal year ending March 31, 2013.