Fraud of Rs 25,667 crore in public sector banks
The Reserve Bank of India (RBI) said on Thursday that the total amount in the cases of loan account and digital payment has increased to three times in the last financial year. The central bank said that the main reason for this was the revival of 122 cases as per the Supreme Court order. The RBI said in a report that the fraud amount increased to Rs 36,014 crore in FY 2024-25, which was about Rs 12,230 crore in FY 2023-24. However, the number of fraud cases declined to 23,953 in the last financial year, which was 36,060 in 2023-24.
What is the main reason behind the increase in fraud amount
According to the report, “The increase in the amount included in the fraud in the last financial year was mainly due to the removal of fraud classification in 122 cases of Rs 18,674 crore recorded during the previous financial years and to ensure compliance with the Supreme Court’s 27 March 2023 decision and re -report after a re -examination reported during the current financial year.” It states that in terms of numbers, there is a fraud in the digital payment segment, which includes cards and internet. Whereas, in terms of value, the maximum fraud is in the loan segment. According to the number, private sector banks have a stake in about 60 percent of frauds by the end of FY 2024-25, while in terms of value, government banks have more than 71 percent share.
Fraud of Rs 25,667 crore in public sector banks
According to the RBI, in the financial year 2024-25, the number of frauds in public sector banks was 6935 (29.0 percent) and the amount of fraud was Rs 25,667 crore (71.3 percent). While the number of frauds in private banks was 14,233 (59.4 percent) and the amount of fraud was Rs 10,088 crore (28.0 percent). Whereas in the financial year 2023-24, there was a fraud of Rs 9245 crore in public sector banks and Rs 2722 crore in private banks.
The highest fraud was done through loan in public sector banks
RBI said in the report, “However, the number of frauds recorded in private sector banks was the highest part of the card/internet fraud, the fraud in public sector banks was mainly in the loan segment.” It states that more than 33 percent of cases related to loans and more than 92 percent of cases according to value are responsible for more than 92 percent. By the end of the last financial year, there were 13,516 fraud cases according to the number under the card and Internet fraud category, which is 56.5 percent of a total of 23,953 fraud.
With PTI inputs
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