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RBI says sharp rise in bank frauds in FY24: Details here

Ziraat Times News Network

New Delhi: Reserve Bank of India (RBI) in a latest report has said that public sector banks and private sector banks have reported a sharp increase in the number of frauds in FY24 even as the amount involved declined.

Frauds occurred predominantly in the category of digital payments (card/internet), in terms of number, according to RBI’s latest annual report, accessed by Ziraat Times.

In terms of value, frauds have been reported primarily in the loan portfolio (advances category).

The number of frauds in the regulated entities/ REs (PSBs, PVBs, foreign banks, financial institutions, small finance banks, payments banks, and local area banks) FY24 shot up about 2.66 times to 36,075 against 13,564 in FY23.

The amount involved in the frauds declined about 47 per cent to ₹13,930 crore (₹26,127 crore).

According to the report,

The number of frauds reported by PSBs in FY24 rose about 2.20 times to 7,472 against 3,392 in FY23. The number of frauds reported by PVBs shot up about 2.70 times to 24,210 against 8,979.

The amount involved in the frauds in PSBs declined about 44 per cent to ₹10,507 crore (₹18,750 crore). The amount involved in the frauds in PVBs dwindled about 48.53 per cent to ₹3,170 crore (₹6,159 crore).

 

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