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RBI norms for BPC
MUMBAI,
MARCH 22.
The Reserve Bank of India has issued guidelines for formulating the `Best Practices Code' (BPC) to prevent frauds in a bid to ensure uniformity in the content and coverage of BPC being developed by banks. On an examination of the BPC as developed by certain select banks, it was observed that there was no uniformity in their content and coverage and documents were not prepared as envisaged by the Mitra Committee (on legal aspects of bank frauds), prompting RBI to issue these norms, the central bank said in a notification here today.
PTI
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