https://www.taxtmi.com/news?id=4122 Regulatory responses emphasise enhanced classification, reporting and supervisory oversight. The Reserve Bank issued a Master Circular on Fraud-Classification and Reporting and requires banks to report frauds to law enforcement and investigative agencies, examine staff accountability, pursue recovery and insurance claims, and streamline systems to prevent recurrence. Supervisory measures include issuing modus operandi advisories and caution notices, urging introduction of concurrent audit, strengthening internal inspection and audit reviews by the board audit committee, and constituting a board-level committee to monitor large frauds. en-us Thu, 29 Nov 2012 18:11:35 +0530 Thu, 29 Nov 2012 18:11:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4122 Regulatory responses emphasise enhanced classification, reporting and supervisory oversight. The Reserve Bank issued a Master Circular on Fraud-Classification and Reporting and requires banks to report frauds to law enforcement and investigative agencies, examine staff accountability, pursue recovery and insurance claims, and streamline systems to prevent recurrence. Supervisory measures include issuing modus operandi advisories and caution notices, urging introduction of concurrent audit, strengthening internal inspection and audit reviews by the board audit committee, and constituting a board-level committee to monitor large frauds. News - Thu, 29 Nov 2012 18:11:35 +0530 https://www.taxtmi.com/news?id=4122