Fraud cases below Rs 1 crore should be reported to respective regional offices of the Department of Co-operative Bank Supervision (DCBS) of the RBI, the central bank said in a notification.
As per the earlier provision, cases of individual frauds involving amounts of Rs 25 lakh and above were to be reported to CFMC, Bengaluru.
"Individual frauds of Rs 1 crore and above should be reported to CFMC, Department of Banking Supervision (DBS), RBI, Bengaluru...Within three weeks from the date of detection ...," the RBI said while making changes in monitoring and reporting mechanism for Primary (Urban) Co-operative Banks.
Frauds below Rs 1 lakh are not to be reported individually to the RBI.
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