Current Affairs · Banking Regulations
Regarding the internal governance and financial reconciliation protocols mandated by the RBI's digital fraud compensation guidelines, which of the following combinations accurately describes the oversight requirements for banks and the specific mechanism for handling compensation if stolen funds are subsequently recovered?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Periodic review of fraud reports and grievance mechanisms by the bank's board or committees, followed by the recalculation of compensation based on actual loss to adjust excess payments.✓
- 2Monthly internal audits by third-party agencies and the use of recovered funds to offset the bank's quarterly insurance premium obligations.
- 3Weekly operational reports to the Ministry of Finance and the mandatory suspension of the customer's account until the recovered funds are fully verified.
- 4Discretionary management-level audits and the immediate forfeiture of the entire recovered amount to the RBI's internal reserves.
Correct answer
Periodic review of fraud reports and grievance mechanisms by the bank's board or committees, followed by the recalculation of compensation based on actual loss to adjust excess payments.
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