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PMO to review steps to check loan frauds

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fraudThe Prime Minister’s Office (PMO) has called a meeting of Finance Ministry officials on Thursday to review steps to tackle rising number of frauds and loan defaults in banking system.

The RBI had put place a new framework to check loan frauds including by way of early warning signals at banks and red flagging of accounts,

The concept of a Red Flagged Account (RFA) is being introduced in the current framework as an important step in fraud risk control.

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