Banks ask RBI to extend the window for reporting loan-related fraud

Banks ask RBI to extend the window for reporting loan-related fraud.

According to a news report in The Economic Times (ET), banks in India have made a request to the Reserve Bank of India (RBI) to ease the regulations related to reporting loan fraud.

At present, the banks are required to report any instance of loan fraud within seven days to the RBI.

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The feature was put in place to spot early indications of the financial crisis.

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