Bank fraud cases increased in FY 2018-19: RBI

The fiscal Year 2018-19 had witnessed cases of fraud increase in the banking sector in comparison to the previous years.

It may be noted that 5,916 complaints of fraud had been registered in the FY 2017-18. However, in FY 2018-19, there have been 6,800 complaints of similar incidents registered. Significantly, these cases have increased 73% within a year.

The Reserve Bank of India had published these facts in a statement on account of a RTI on Monday.

According to the statement, an amount of 71, 500 crores had been drained away from various Indian banks by means of fraud and forgery in the FY 2018-19. While, in the FY 2017-18, an amount of 41, 167.03 crores have been drained out by the means of similar unethical instances.

Notably, according to the report based on the RTI, in the past 11 fiscal years, a total of 53, 334 cases of fraud have been registered and the money that had been washed out of the banks summed up to 2.05 lakh crore.

The serious matter of concern here is even after billionaires like Nirav Modi and Vijay Mallya, fled the country after commiting such acts of frauds, incidents as such is still prevalent in various banks of India.

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