RBI’s Fraud Monitoring Cell to function from Bengaluru from July 1


 

Cheers, Bangaloreans have a new reason to celebrate.

RBI has decided to shift a major cell of initiative to Department of Banking Supervision, Central Office, Mumbai to Bangalore.

The Reserve Bank of India’s Fraud Monitoring Cell attached to Department of Banking Supervision, Central Office has shifted from the present location at 2nd Floor, World Trade Centre-1, Cuffe Parade, Mumbai – 400005 to Bengaluru Regional Office of the Reserve Bank.

The Central Fraud monitoring Cell will continue to be part of Department of Banking Supervision, Central Office Mumbai and will start functioning from the new location at Bengaluru from July 01, 2013.

RBI has advised all the banks/ other stakeholders to take note of the address of the Central Fraud Monitoring Cell at the new location:

Central Fraud Monitoring Cell, Department of Banking Supervision,

Reserve Bank of India, 10/3/8, Nruputhunga Road,

Bengaluru – 560001.

 

Further, NBFCs and  UCBs too have been advised to note the change of address of Central Fraud Monitoring Cell, Department of Banking Supervision.

NBFCs should  file fraud reports etc / furnish response to the existing letters from Fraud Monitoring  Cell  of DBS, Central Office  and fresh letters  to the new address at Bengaluru.

UCBs should too file fraud reports, furnish response to the existing letters from them and address fresh letters if any, to the new address at Bengaluru from June 14, 2013 onwards.

The Central Fraud Monitoring Cell will be headed by Smt. N. Mohana, General Manager.

RBI fraud monitoring cell was set up in June 2004.

The objectives of the cell are

(i)           To review systems and controls in financial sector

(ii)          to discern the emerging trends in frauds and circulate them to banks through electronic media

(iii)        To examine international best practices so as to synergize them with the local requirements wherever necessary

(iv)        to act as a nodal agency for interaction with various external agencies connected with prevention and investigation of frauds such as CVC, CBI etc

(v)          to act as a central repository of information on frauds in financial sector and act as a think tank for fraud prevention.

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