Banking Fraud The Reserve Bank of India (RBI) gave information about banking fraud in its annual report (RBI Annual Report 2023-2024). RBI said that the number of frauds happening in the banking sector increased to 36075 year-on-year in 2023-24.
Most of the fraud is happening through digital payments. There has also been fraud in the loan portfolio in the last financial year. The Reserve Bank of India ( RBI ) gave information about banking fraud in its annual report (RBI Annual Report 2023-2024). RBI said that there has been a decrease in fraud in the banking sector in the last financial year.
The number of frauds taking place in the banking sector rose to 36,075 year-on-year in 2023-24. The amount involved in this fraud also decreased by 46.7 percent to Rs 13,930 crore.
According to the RBI report, to curb the fraud in the banking sector and improve the digital payment experience, it has started complying with the newly enacted ‘Digital Personal Data Protection Act, 2023’. In this, the details of the fund transfer and the payer will be verified.
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The amount involved in fraud during the financial year 2023-24 was Rs 13,930 crore. This was Rs 26,127 crore a year ago. In such a situation, the number of frauds during the financial year 2023-24 increased from 13,564 in the previous financial year to 36,075.
In the annual report for the financial year 2023-24, RBI said that the cases of Bank Group-Wise Fraud in the last three years indicate that most of the frauds have happened in private banks. At the same time, there has been less fraud in public sector banks, but if we talk about the amount, then the maximum fraud has happened in the public sector.
In which category more fraud is happening
If we talk about categories, then mainly most of the frauds have happened through digital payments i.e. card or internet. Whereas in the value category, most of the frauds have happened in the loan portfolio.
The bank said that analysis of fraud incidents reported during FY 2022-23 and FY 2023-24 shows a significant time-lag between the date of occurrence of fraud and its detection.
At the same time, the amount involved in frauds in previous financial years is 94 per cent of the frauds reported in 2022-23 in terms of value.
89.2 per cent of the frauds reported in 2023-24, by value, occurred in previous financial years.
