Amount Involved In Domestic Bank Frauds Soars Around 74% In FY19

The amount involved in bank frauds surged 73.8% year-on-year (y-o-y) to Rs 71,543 crore in 2018-19, against Rs 41,167 crore in 2017-18, according to the RBI's latest annual report released yesterday. The increased amount involved in frauds was mostly related to occurrences in earlier years. The average lag between the date of occurrence and its detection by banks was 22 months. The average lag for large frauds - Rs 100 crore and above, amounting to Rs 52,200 crore reported during 2018-19 - was 55 months. The number of cases of frauds reported by banks also increased by 15% y-o-y in 2018-19 to 6,801 against 5,916 in 2017-18, according to RBI.

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