Thursday, 13 April, 2023

An overall decline of over Rs 100 crore has been registered in banking fraud in FY'22

<p>With banks reporting cases of Rs 41,000 Cr in 2021&ndash;22 compared to Rs 1.05 lakh Cr the year before, frauds in the banking sector involving amounts over Rs 100 Cr have drastically decreased. As per official data, there were 118 fraud instances in private and public sector banks in FY22, down from 265 in FY2020&ndash;2020. The RBI has taken a number of actions to stop scams. The actions include improving the efficacy of the EWS framework, strengthening the fraud governance system, etc.</p>