15% Rise In Bank Fraud Cases: RBI

According to the annual report released by the Reserve Bank of India (RBI), bank fraud cases have increased by 15% over the previous year. Apart from public and private sector banks, foreign banks and financial institutions have also seen an increase in bank fraud

In 2017-18, 2885 cases of fraud were registered in Public Sector Banks and there was a scam of Rs 368,608.7 crores. At the same time, in 2018-19, 3,766 cases of fraud were registered in Public Sector Banks and embezzlement of Rs 645,094.3 crores took place.

Similarly, in 2017-18, 1975 fraud cases were registered in Private Sector Banks and there was a scam of Rs 24,782.5 crores. In 2018-19, fraud cases increased to 2,090 and scam amounted to Rs 55,151.4 crores.

There were 974 cases of fraud in Foreign Banks in 2017-18 and there was a scam of Rs 2,560.9 crores. In 2018-19, these cases were reduced to 762 but the scam amount increased to Rs 9,553 crore. 

Talking about Financial Institutions, in 2017-18 there were 12 cases of fraud and there was a scam of 1,647 crores. In 2018-19, the number of fraud cases increased to 28 and the amount of scam was Rs 5,534.1 crores.

Apart from these, cases of fraud have also been reported in Small Finance Banks and Payment Banks. Cases of embezzlement and fraud have not been seen in local area banks.