The Reserve Bank of India(RBI) has reported that bank frauds have been reached to Rs 71,500 crore in 2018-19 with over 6,800 cases. In 2017-18, 5,916 cases were reported by banks which involved Rs 41,167.03 crore.
Key Points:
- RBI’s data reported that in last 11 fiscal years, 53,334 cases of fraud were reported by banks involving the amount of Rs 2.05 lakh crore.
- The frauds were classified and analyzed for 13 sectors namely gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort
- The Central Vigilance Commission(CVC), an anti-corruption watchdog, undertook the analysis and published a report on top 100 frauds. It focused on the modus operandi, amount involved, type of lending (consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvement required to plug the gaps in the system and procedures.
- Central agencies like the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) are also the investigating agencies for bank fraud cases.
Data regarding bank fraud cases as per RBI:
| Sl. No | Fiscal Year | Number of cases | Amount in crore |
| 1. | 2008-09 | 4,372 | Rs. 1,860.09 |
| 2. | 2009-10 | 4,669 | Rs. 1,998.94 |
| 3. | 2010-11 | 4,534 | Rs. 3,815.76 |
| 4. | 2011-12 | 4,093 | Rs. 4,501.15 |
| 5. | 2012-13 | 4,235 | Rs. 8,590.86 |
| 6. | 2013-14 | 4,306 | Rs. 10,170.81 |
| 7. | 2014-15 | 4,639 | Rs. 19,455.07 |
| 8. | 2015-16 | 4,693 | Rs. 18,698.82 |
| 9. | 2016-17 | 5,076 | Rs. 23,933.85 |
About CVC:
♦ Headquarters: New Delhi
♦ Commissioner: K.V. Chowdary
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