‘Significant gap’ in bank fraud occurrence and detection: RBI report
Posted On : Saturday, June 29, 2019, 11:25 AM
Terming timely recognition an important aspect that can reduce the economic costs of frauds, the Reserve Bank of India said that the country has seen a “significant” gap between occurrence and detection of bank frauds. “The amount involved in frauds that occurred between 2000-01 and 2017-18 formed 90.6 percent of those reported in 2018-19,” the central bank said in its Financial Stability Report (FSR). Giving further insight on the data, the RBI said that the systemic and comprehensive checking of legacy stock of NPAs of public sector banks (PSBs) for fraud during 2018-19 has helped unearth frauds perpetrated over a number of years.