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Bank frauds rise to record Rs 1.13 lakh cr in H1 FY20

Bank frauds rise to record Rs 1.13 lakh cr in H1 FY20

Posted On : Monday, December 30, 2019, 9:03 AM
Frauds reported by banks during the first half of the current fiscal touched an all-time high amount of Rs 1.13 lakh crore, owing to delay in detection by lenders, according to an RBI report. This involved 4,412 fraud cases of Rs 1 lakh and above, as per the report. In FY19, banks had reported 6,801 cases of fraud involving Rs 71,543 crore. "An analysis of the vintage of frauds reported during the FY19 and H1 FY20 shows a significant time-lag between the date of occurrence of a fraud and its detection," RBI's Financial Stability Report said. The amount involved in frauds that occurred between FY01 and FY18 formed about 90.6% of the frauds reported in 2018-19 in terms of value.
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