Aman Siwasiya

1 month ago | law.asia | Amol Sharma |Aman Siwasiya

The Master Direction on Fraud issued by the Reserve Bank of India (RBI) came under attack from the Supreme Court in State Bank of India v Rajesh Agarwal. The decision has had significant implications for the banking sector. To strengthen fraud prevention and detection measures in the banking sector, the RBI issued a Master Directions Circular in 2016 classifying frauds into various categories to ensure uniform reporting within the banking channel.