The Supreme Court's first major pronouncement on the 2024 RBI Master Directions on Fraud Risk Management. A 2-judge bench held three things: there is no inherent right to a personal or oral hearing before fraud classification because the determination is grounded in objective documentary evidence and a written show-cause-and-reply procedure satisfies natural justice; banks must furnish the full Forensic Audit Report to the borrower as the rule, with only narrow exceptions for genuinely third-party sensitive material; and the doctrinal distinction between fraud — which carries criminality — and wilful default — which does not — justifies the differentiated procedural protections under the two regulatory regimes.