<h1>RBI Updates Rules: Banks Must Submit Quarterly and Annual Fraud Reports to Audit Committees and Boards.</h1> The Reserve Bank of India (RBI) has revised its guidelines on the classification and reporting of frauds by scheduled commercial banks and select financial institutions. Amendments to the Master Circular require banks to present quarterly fraud information to their Audit Committees, except for the March quarter, which is covered in an annual review. The annual review of frauds must be submitted to the Board of Directors or Local Advisory Board by the end of the June quarter. These reports are not required to be sent to the RBI but should be available for inspection by RBI officers.