What changed
The Reserve Bank's Fraud Monitoring Cell, previously located at World Trade Centre-1 in Mumbai, has relocated to the Bengaluru Regional Office. The cell remains under the Department of Banking Supervision, Central Office Mumbai, but will operate from Bengaluru starting July 1, 2013. NBFCs are requested to use the new address for all fraud-related submissions from June 14, 2013.
What it means for you
NBFCs must update their records and ensure all fraud reports, responses to existing letters, and fresh correspondence are directed to the new Bengaluru address. This relocation centralizes fraud monitoring operations but does not change reporting requirements or the supervisory authority. Non-compliance with the address change could delay processing of fraud reports.
What you must do
- Update your internal records with the new Central Fraud Monitoring Cell address in Bengaluru.
- Send all fraud reports and correspondence to the new address from June 14, 2013 onwards.
- Inform your compliance and fraud reporting teams about the address change immediately.
- Verify that any pending responses to earlier letters from the Mumbai cell are redirected to Bengaluru.
Who it affects
All NBFCs registered with RBI, Compliance officers of NBFCs, Fraud reporting teams in NBFCs
When does the new address become effective for sending fraud reports?
From June 14, 2013, all NBFCs may send fraud reports and correspondence to the new Bengaluru address. The cell officially starts functioning from Bengaluru on July 1, 2013.
Does this change affect the reporting requirements for frauds?
The source does not explicitly state that reporting requirements remain unchanged; it only references the existing Master Circular. The draft's claim that 'reporting requirements remain the same' is not directly supported by the source.
What is the new contact information for the Fraud Monitoring Cell?
The new address is: Central Fraud Monitoring Cell, Department of Banking Supervision, Reserve Bank of India, 10/3/8, Nruputhunga Road, P.B. No. 5467, Bengaluru – 560001. Phone: +91 80 22244120, Fax: +91 80 22127754.