Bank Frauds More Than Double But Amount Involved Falls 85%, Says RBI
The value of these frauds between April to September this year fell 85% year-on-year to Rs 2,642 crore.
The number of bank frauds more than doubled to 14,483 cases in the first half of FY24. But the amount involved in such cases dropped.
The value of these frauds between April and September this year fell 85% year-on-year to Rs 2,642 crore, according to the RBI's Trends and Progress of Banking in India report released on Wednesday.
The cases referred to as frauds involve Rs 1 lakh and more, the RBI said.
In the first half of FY24, most complaints were related to card or internet frauds, followed by advances-related cases.
Private sector banks accounted for 66.2% of the total number of fraud cases reported during the period. In terms of the amount involved, public sector banks had a higher share.
While the majority of the frauds in state-run lenders were related to advances, private banks accounted for the majority of card/internet and cash-related cases, the central bank said in the report.
