No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2012-13/363 · issued 04 Jan 2013 · ~2 min read
Quick answerRBI has revised fraud reporting timelines: quarterly reviews for June, September, December must go to Audit Committee the following month; March quarter review is replaced by annual review due by June 30, kept for RBI inspection.
The rule, in the simplest words
Banks must review frauds quarterly for June, September, and December, and report to the Audit Committee the following month.
The March quarter review is replaced by an annual review due by June 30, which is kept for RBI inspection.
Banks must preserve annual review documents for RBI examiners, as they no longer need to be sent to RBI.
How it plays out — a real example
As a fraud monitoring officer in Mumbai, I ensure that our quarterly fraud reviews for June and September are presented to the Audit Committee in July and October, respectively. I also make sure that our annual review for the year ending March is submitted to the Board by June 30, and that the documents are preserved for RBI inspection.
What changed
RBI amended paragraphs 5.2.1, 5.2.3, and 5.3.1 of the July 2012 Master Circular on frauds. Quarterly fraud reviews for June, September, and December must now be placed before the Audit Committee in the month following the quarter. The separate March quarter review is dropped; instead, an annual review for the year ending March must be submitted to the Board by June 30 and preserved for RBI inspection.
What it means for you
Banks must tighten their quarterly fraud reporting cycles to ensure Audit Committee review within one month of quarter-end for non-March quarters. The annual review consolidates the March period, reducing reporting burden but requiring robust record-keeping for RBI examiners. This shift aims to streamline oversight while maintaining accountability.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Update internal fraud reporting calendars to align quarterly reviews for June, September, December with Audit Committee meetings in the following month.
Eliminate separate March quarter review; instead, prepare an annual fraud review for the year ending March and present it to the Board by June 30.
Ensure annual review documents are preserved for RBI inspection, as they no longer need to be sent to RBI.
Communicate these changes to audit, compliance, and fraud monitoring teams to avoid non-compliance.
Who it affects
Scheduled Commercial Banks (excluding RRBs), All India Financial Institutions, Audit Committees of the Board, Board of Directors, Fraud monitoring and compliance teams
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 16:43 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
What is the new deadline for quarterly fraud reviews?
For quarters ending June, September, and December, the fraud review must be placed before the Audit Committee in the month immediately following the quarter.
Do we still need to send the annual fraud review to RBI?
No, the annual review for the year ending March should be presented to the Board by June 30 and preserved for RBI inspection, but not sent to RBI.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed byRBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #91: DBS.FrMC.BC.No.5/23.04.001/2012-13 — "Frauds - Classification and Reporting" dated January 04, 2013”
📜 Read the original circular — full text as issued by RBI
RBI/2012-13/363
DBS.FrMC.BC.No.5/23.04.001/2012-13
January 04, 2013
The Chairmen & Chief Executive Officers of all
Scheduled Commercial Banks (excluding RRBs)
and All India Select Financial Institutions
Dear Sir,
Frauds – Classification and Reporting
Please refer to our letter DBS. FrMC. BC. No.1 /23.04.001/2012-13 dated July 02, 2012 i.e. the Master Circular on 'Frauds – Classification and Reporting'.
2. In view of the suggestions received from banks in the matter, it has been decided to amend Para 5.2.1, 5.2.3 and 5.3.1 of Master Circular DBS. FrMC. BC. No. 1/23.04.001/2012-13 dated July 02, 2012 on 'Frauds – Classification and Reporting' relating to reporting of fraud cases to various offices of RBI as under:
5.2 Quarterly Review of Frauds
5.2.1 Information relating to frauds for the quarters ending June, September and December may be placed before the Audit Committee of the Board of Directors during the month following the quarter to which it pertains, irrespective of whether or not these are required to be placed before the Board/Management Committee in terms of the Calendar of Reviews prescribed by RBI.
5.2.3 A separate review for the quarter ending March is not required in view of the Annual Review for the year-ending March prescribed below.
5.3 Annual Review of Frauds
5.3.1 Banks should conduct an annual review of the frauds and place a note before the Board of Directors/Local Advisory Board for information. The reviews for the year-ended March may be put up to the Board before the end of the next quarter i.e. for the quarter ended June 30th and such reviews need not be sent to RBI. These may be preserved for verification by the Reserve Bank’s inspecting officers.
Yours faithfully
(R. K. Sharma)
General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/363 · issued 04 Jan 2013. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7790&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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