
RBI issues revised circular to declare accounts as fraud, incorporates Supreme Court ruling on borrower rights
Himalaya Harbinger, Rudrapur Bureau The Reserve Bank of India (RBI) on July 15 issued revised master directions on the classification of frauds to incorporate Supreme Court’s 2023 judgment on ‘natural justice’ for borrowers before their account was tagged as fraudulent. The master circular issued on July 15 has mandates a board-approved policy to lay down…