RBI to banks: Report all digital frauds not just those above Rs 1 lakh

Taking stock of the rise in the number of digital frauds, the Reserve Bank of India has directed banks to report all kinds of financial frauds and only those above Rs one lakh, Financial Express (FE) has reported.

The central bank has registered a rise in online fraud in the banking system and intends to evaluate the arrangements banks have put in place to avert such incidents, the newspaper cited people aware of the development.