{"id":304573,"date":"2024-07-16T18:11:15","date_gmt":"2024-07-16T12:41:15","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=304573"},"modified":"2024-07-16T18:11:15","modified_gmt":"2024-07-16T12:41:15","slug":"rbi-updated-rules-on-fraud-risk-management","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/rbi-updated-rules-on-fraud-risk-management\/","title":{"rendered":"RBI updated rules on fraud risk management"},"content":{"rendered":"<p style=\"text-align: justify;\">Source- This post on the<strong> Updated rules of RBI on fraud risk management<\/strong> has been created based on the article <a href=\"https:\/\/epaper.thehindu.com\/ccidist-ws\/th\/th_delhi\/issues\/91080\/OPS\/G5SD2ET8T.1+GISD2GV9N.1.html\" target=\"_blank\" rel=\"noopener\">&#8220;RBI revises rules on fraud risk management&#8221;<\/a> published in \u201cThe Hindu\u201d on 16 July 2024.<\/p>\n<div class=\"content user-select-text\" style=\"text-align: justify;\" role=\"heading\" aria-label=\"Sent by Copilot: The **Global Conclave on Plastic Recycling and Sustainability (GCPRS)** is currently underway at the **Bharat Mandapam, Pragati Maidan** in Delhi. This four-day event brings together experts from India and abroad to address pressing concerns related to plastic waste management, recycling, and sustainability. The conference aims to promote circularity and discuss innovative solutions for a more sustainable future. Notable attendees include Secretary of the Union Ministry of Chemicals and Fertilizers, **Smt. Nivedita Shukla Verma**, and Joint Secretary of the Union Ministry of Micro, Small and Medium Enterprises, **Smt. Mercy Epao**[^1^] [^3^]. Topics covered include advances in biodegradable plastics, circular economy principles in waste management, and policy frameworks affecting plastics use and recycling[^2^]. Let me know if you need more information! \ud83d\ude0a\">\n<div class=\"ac-container ac-adaptiveCard has-image\">\n<div class=\"ac-textBlock\">\n<h2>Why in the news?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<p style=\"text-align: justify;\">The Reserve Bank of India (RBI) has <span style=\"color: #ff0000;\">updated its rules on fraud risk management<\/span> for various financial entities.<\/p>\n<h2 style=\"text-align: justify;\">RBI Revises Fraud Risk Management Rules<\/h2>\n<p style=\"text-align: justify;\">a. The revised rules apply to commercial banks (including regional rural banks), All India Financial Institutions, urban, state, and central cooperative banks, non-banking finance companies (NBFCs), and housing finance companies.<\/p>\n<p style=\"text-align: justify;\">b. The RBI issued <span style=\"color: #ff0000;\">three new master directions to replace the older ones<\/span>. These directions are based on a thorough review of the previous rules and current issues.<\/p>\n<p style=\"text-align: justify;\">c. The new rules emphasize principles and guidelines to <span style=\"color: #ff0000;\">strengthen fraud risk management<\/span> and <span style=\"color: #ff0000;\">enhance the role of the Board in governance and oversight<\/span>.<\/p>\n<p style=\"text-align: justify;\">d. Regulated Entities (REs) <span style=\"color: #ff0000;\">must follow principles of natural justice<\/span> before labeling individuals or entities as fraudulent, in line with the Supreme Court&#8217;s March 2023 judgment in the case of <span style=\"color: #ff0000;\">State Bank of India versus Rajesh Agarwal<\/span>.<\/p>\n<p style=\"text-align: justify;\">e. The RBI has withdrawn 36 existing circulars related to fraud risk management to simplify rules and reduce the compliance burden on financial entities.<\/p>\n<p style=\"text-align: justify;\"><strong>UPSC Syllabus: Indian Economy<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source- This post on the Updated rules of RBI on fraud risk management has been created based on the article &#8220;RBI revises rules on fraud risk management&#8221; published in \u201cThe Hindu\u201d on 16 July 2024. Why in the news? The Reserve Bank of India (RBI) has updated its rules on fraud risk management for various&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/rbi-updated-rules-on-fraud-risk-management\/\">Continue reading <span class=\"screen-reader-text\">RBI updated rules on fraud risk management<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,3127],"tags":[11872,10498],"class_list":["post-304573","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-economy","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/304573","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=304573"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/304573\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=304573"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=304573"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=304573"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}