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Frauds reported by banks declined to a six-year low, and the average amount involved was the lowest in a decade, said an annual report on trends in the banking industry by the RBI. The number of fraud cases in private sector banks accounted for 66.2% of the total frauds in the banking sector; however, in terms of the amount involved, public sector banks had a higher share.
Majority of the frauds in public sector banks were related to advances, while private banks faced card, internet and cash-related cases, the report said
“In the first half of 2023-24, although the number of frauds reported rose over the corresponding period a year ago, the amount involved was only 14.9% of the previous year’s amount”, said the report.
The increase in instances of penalties imposed on regulated entities during 2022-23 was led by co-operative banks. For both public and private sector banks, they declined during the year.
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