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The Reserve Bank of India has directed banks to place information regarding any frauds before the audit committee of the board of directors every quarter.
In a notification on Friday, RBI said an annual review of frauds should also be conducted and placed before the the board of directors.
“The reviews for the year ended March may be put up to the board before the end of the next quarter, i.e., for the quarter ended 30 June, and such reviews need not be sent to RBI.
These may be preserved for verification by the Reserve Bank’s inspecting officers,” RBI said in the notification.
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