Banking frauds rise in H1FY25, amount involved jumps 8-time: RBI report
Reserve Bank of India has released the Report on Trend and Progress of Banking in India 2023-24 which presents the performance of the banking sector, including commercial banks, co-operative banks and non-banking financial institutions, during 2023-24 and 2024-25 so far.
ET Year-end Special Reads
Corporate Kalesh: Top family disputes of India Inc in 2024
The world of business lost these eminent people in 2024
Fast, faster, fastest: How 2024 put more speed into your shopping
The report said the number of frauds during April-September stood at 18,461 involving Rs 21,367 crore compared to 14,480 cases involving Rs 2,623 crore in the comparative period of the last financial year, based on the date of fraud reporting.
It further said frauds present multiple challenges for the financial system in the form of reputational risk, operational risk, business risk and erosion of customer confidence with financial stability implications.
Regarding 2023-24 fiscal as a whole, the RBI said that based on date of reporting by banks, the amount involved in frauds was the lowest in a decade, while the average value was the lowest in 16 years.
Based on the date of occurrence of frauds, in 2023-24, the share of internet and card frauds in the total stood at 44.7 per cent in terms of amount and 85.3 per cent in terms of number of cases.
Finance
A2Z Of Finance: Finance Beginner Course
By — elearnmarkets, Financial Education by StockEdge
Entrepreneurship
Building Your Winning Startup Team: Key Strategies for Success
By — Dr. Anu
