These Directions shall be called the Reserve Bank of India (Fraud Risk Management in Commercial Banks (including Regional Rural Banks) and All India Financial Institutions) Directions, 2024
Applicability
The provisions of these Directions shall, unless otherwise provided, apply to:
All banking companies [including banks incorporated outside India licensed to operate in India (foreign banks), Local Area Banks (LABs), Small Finance Banks (SFBs), Payments Banks (PBs)], Corresponding New Banks1, Regional Rural Banks (RRBs) and State Bank of India as defined under sub-sections (c), (da), (ja) and (nc) of Section 5 of the Banking Regulation Act, 1949 respectively (collectively referred to as ‘Commercial Banks’); and
Export-Import Bank of India (‘Exim Bank’), National Bank for Agriculture and Rural Development (‘NABARD’), National Bank for Financing Infrastructure and Development (‘NaBFID’), National Housing Bank (‘NHB’) and Small Industries Development Bank of India (‘SIDBI’) as established by the Export-Import Bank of India Act, 1981; the National Bank for Agriculture and Rural Development Act, 1981; the National Bank for Financing Infrastructure and Development Act, 2021; National Housing Bank Act, 1987 and the Small Industries Development Bank of India Act, 1989, respectively (hereinafter referred to as ‘All India Financial Institutions or ‘AIFIs’.
The Commercial Banks and AIFIs shall hereinafter collectively be referred to as ‘banks’ for the purpose of these Directions.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12702&Mode=0
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