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RBI report: Bank frauds on the rise

By IndianMandarins- 31 Dec 2021
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New Delhi (31.12.2021): Reserve Bank of India’s (RBI) report, christened as “Report on Trend and Progress of Banking in India” stated that banks have been affected by an increase in the incidences of fraud in the current fiscal. This report noted that the number of frauds between April and September 2021 rose in comparison to the corresponding period last year. However, the cumulative amount involved in the frauds fell. This report states, it was primarily due to a fall in advances frauds detected and reported. Yet, the number of internet-and credit-card-related frauds rose to 1,532 in the first half of 2021 from 1,247 last year (during the corresponding period.) 
During the first half of 2021-22, it was private sector banks (PVBs) that made up over half of the total number of fraud cases. However, in value terms, the share of public sector banks (PSBs) was higher, indicating the predominance of high-value frauds, the report said.

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