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Keeping it Real: RBI Forces Banks to Take Full Losses When Fraud Discovered

RBI has decided to haul banks up on frauds. Banks are now required to provision the entire amount due to the bank if it is discovered that there is a fraud, with the provision spread over four quarters.

And if there is a "delay" in reporting the fraud - that is, when banks hide frauds from the RBI even after they discover it - they will not even get the four quarter time limit. They have to provision the . . .

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