Bank frauds rise 74%, says RBI

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  1. According to Reserve Bank of India’s annual report,the amount involved in bank frauds has increased by 74% over the last one year.
  2. Among the banks,the public sector banks(PSBs) have accounted for the bulk of frauds at around 90% of total fraud amount.It was followed by private sector banks and foreign banks.
  3. The report said that most of these frauds were because of cheating and forgery followed by misappropriation & criminal breach of trust.
  4. Another point of concern for RBI was that the banks took an average of nearly 2 years to detect the frauds. 
  5. To curb this menace,the RBI has said that it would coordinate with various agencies including the ministry of corporate affairs to examine the feasibility of interlinking various databases and information systems to improve the system of fraud monitoring and take necessary corrective regulatory and supervisory action.