Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19, the RBI report said.
Indian banking system detected Rs 71,500 crore worth of frauds in financial year 2018-19 which to put in scale is slightly more than the Rs 71,000 crore recapitalisation package planned by the government to revive the health of its public-sector banks.
Interestingly, over 90 percent of these losses were to the government owned banks while the share of incidents that emanated from these lenders was at 55.4 percent.
Overall, 3,766 incidents of frauds were detected in FY19, a 15 percent spike from a year ago, while the losses incurred saw an 80 percent rise from the last year, even as FY18 saw the most infamous banking fraud in India’s history where Nirav Modi siphoned off nearly Rs 13,000 crores from Punjab National Bank in February 2018.
Please click here to read more.