Daijiworld Media Network - Mumbai (SHP)
Mumbai, Aug 30: In an annual report of RBI, it was observed that there was a 74 per cent increase in the value of bank fraud cases from Rs 41,167 crore in FY18 to Rs 71,543 crore in FY19.
The number of bank fraud cases rose from 5,900 in FY18 to 6,800 in FY19. While looking into the lag between the occurrence of the case to the detection increase as well. Earlier the lag stretched over 22 months and for the 2018-2019 lag increased to 55 months.
The report also pointed out that the public sector bank groups had the highest number of frauds recorded. The value of fraud in this bank group was Rs 38,260 crore in FY18 which increased to Rs 64,509 crore in FY19.
As per reports, advances fraud were more than card related frauds. Frauds related to card and deposits accounted for only 0.3 per cent of the total value of frauds in 2018-2019.
Unfortunately, the report largely had higher value frauds compared to frauds lower in value (i.e, Rs 1 lac) and below. The small value frauds only accounted for 0.1 per cent of the total amount involved in 2018-2019.