There were 5,917 instances of bank fraud in 2017-18 as against 5,076 cases the previous year, show the data released Friday.
Fraudsters have looted Rs 41,167.7 crore from the banking system in 2017-18, a sharp jump of 72 per cent from Rs 23,933 crore the previous year, despite “stringent monitoring and vigilance”, according to data released by the Reserve Bank of India (RBI).
There were 5,917 instances of bank fraud in 2017-18 as against 5,076 cases the previous year, show the data released Friday. The instances of fraud have been rising over the last four years — by four times from Rs 10,170 crore in 2013-14.
In 2017-18, however, frauds related to off-balance sheet operations, foreign exchange transactions, deposit accounts and cyber-activity took centrestage. Banks reported more cyber frauds during the year, losing Rs 109.6 crore in 2,059 cases in 2017-18 as against Rs 42.3 crore with 1,372 cases the previous year.
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