I am Cheated - But Never Again - Banks lost Rs 41,167 crore to fraud in 2017-18: RBI
Banks lost Rs 41,167 crore to fraud in 2017-18: RBI

Banks lost Rs 41,167 crore to fraud in 2017-18: RBI

Posted On : Monday, December 31, 2018, 2:26 PM
Fraudsters have looted Rs 41,167.7 crore from the banking system in 2017-18, a sharp jump of 72% 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.