Clari5 (CustomerXPs)’s Post

The Reserve Bank of India (RBI) issued revised Master Directions on Fraud Risk Management in July 2024, superseding previous guidelines and consolidating 36 existing circulars. These comprehensive directions apply to a wide range of regulated entities, including commercial banks, cooperative banks, and non-banking finance companies. These Directions are a significant step in enhancing the robustness of fraud prevention and control measures within India's financial sector. Read the update here: https://lnkd.in/dNBNpxeu Mukesh Chand #ELPinsights #insolvency #IBC #fraud #risk #banks #finance

The Reserve Bank of India (RBI) has recently issued guidelines pertaining to Fraud Risk Management in Non-Banking Financial Companies (NBFCs). These guidelines aim to establish a streamlined and institutionalized framework for the prevention, detection, and reporting of fraud within NBFCs. Nishchal Joshipura, Kamran Mohammad and Parina Muchhala examine the provisions of these directions and emphasise critical governance changes proposed therein. They also set out a checklist to aid existing and incoming investors in NBFCs with effective and timely detection of frauds within portfolio NBFCs. https://lnkd.in/dJDmRjyv #nbfcs #bankinglaw #finance #banks #bankingandfinance #rbi

The Reserve Bank of India (“RBI”) vide its notification dated July 15, 2024, has issued master directions to bolster governance and strengthen the fraud detection, risk management and prevention framework in NBFCs, Commercial Banks, AIFIs and Cooperative Banks. 𝐑𝐞𝐚𝐝 𝐡𝐞𝐫𝐞: https://lnkd.in/g4PD3qvs 𝐀𝐮𝐭𝐡𝐨𝐫: Amit Shekhar Dutta #rbi #fraud #risk #governance #lawyer #legaladvice #ahlawatassociates

The Reserve Bank of India (RBI) has issued new guidelines to improve fraud risk management in cooperative banks. These guidelines are designed to make sure that cooperative banks are safe and reliable. Here are some of the key points of the new guidelines: Banks need to establish a committee to oversee fraud risk management. Banks need to implement early warning systems to identify potential problems. Banks need to have reporting requirements in place. Legal audits are required to ensure that banks are following the guidelines. I think these are important steps to take to protect consumers and ensure the stability of the financial system. RBI #FraudRiskManagement #CooperativeBanks

The RBI’s annual report released recently highlighted a worrying trend. The number of frauds in Indian banks rose by a staggering 166 percent YoY last fiscal- the figure stood at 36,075 for FY24, against the 13,564 reported in FY23. In the wake of such stats, the central bank has come out with its first stipulated set of rules on fraud and risk management for banks. While this is a positive and much needed step, the intent behind it can be met only if possible gaps in interpretation, implementation and enforcement of the guidelines by financial institutions are first identified and addressed. Clarity is also required in terms of accountability at the institution and entity level.  And the regulator would also need to find the right balance between enforcing the regulation and ensuring fairness and justice to customers and all associated players. To discuss some of these aspects, I had the opportunity to catch up with Abizer Diwanji, Anirban Chowdhury and  Sangita Mehta from The Economic Times in this podcast. Thank you ET for the opportunity and for deliberating on such an important matter. https://lnkd.in/gm5G2dyS Hashtags: #RethinkRisk #Compliance #RiskManagement #AML #KYC #FraudPrevention #RBI #Guidelines #FinancialFraud The Economic Times PwC India

The RBI recently issued guidelines on Fraud Risk Management in NBFCs. Here’s a checklist of what the investors need to know!! Parina Muchhala and Nishchal Joshipura #RBI #Fraudrisk #masterdirections #ABAC #whitecollar #investigations #fraud #NBFC #banking #law #India #PrivateEquity #SWF #VC #impactInvesting #investors #doingbusiness

India's central financial authority is doubling down on how Regulated Entities (RE) look at #Fraud Risk Management. A key component of the revised Master Directives is mandating strengthening frameworks for early warning signals (EWS) and red-flagging of accounts (RFA) to detect potential fraudulent activities early. And that's exactly what Bureau promises. Our dynamic AI & ML models can help banks and FIs identify bad actors even before the actual fraud is committed. 𝗥𝗲𝗮𝗰𝗵 𝗼𝘂𝘁 𝘁𝗼 𝘂𝘀 𝘁𝗼 𝗲𝘅𝗽𝗹𝗼𝗿𝗲 𝗼𝘂𝗿 𝗹𝗼𝘄-𝗰𝗼𝗱𝗲, 𝗰𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝗯𝗹𝗲 𝘀𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀. Preekshit Gupta, Nikhil Jois, Ganesh Prasad, Carthic Kameshwaran

#WhatsUpMonday RBI's New Repository Highlights Need for Secure #DigitalLending Solutions! In response to growing concerns about digital lending fraud, the Reserve Bank of India (#RBI) is creating a public repository for #DigitalLendingApps (DLAs) to ensure transparency and protect consumers. This initiative underscores the urgent need for banks to offer secure and reliable #DigitalLendingSolutions. By providing robust and transparent digital lending services, banks can build trust with their customers, enhance risk management, and ensure a safer financial environment. Learn More: https://bit.ly/46G2BpV #DigitalLendingFraud #RBIInitiative #RiskManagement

Introducing Clari5.FIRST, our latest launch designed to streamline compliance with RBI Circulars. It seamlessly integrates with existing EWS and core systems, orchestrating real-time data capture, multi-channel analysis, and comprehensive fraud reporting. Hear our CEO talk about it. #rbi #clari5FIRST #fraud #aml #banking #nbfc #hfd

Hear our MD and CEO, Mr. Ravi Varghese, speak about recent RBI directives on fraud risk management and how Clari5 can help you achieve swift compliance. Clari5.FIRST | Effortless RBI Compliance | Save Hefty Penalties| #RBI #clari5FIRST #fraud #aml #banking #nbfc #hfc #FraudPrevention #InternalControls #CorporateGovernance #FraudRiskManagement #FinancialSector #Banking #FightingFraud #FraudDetection #MitigateFraudRisks #ForensicandFinancialCrime