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Nirav Modi effect? Bank frauds more than double to Rs 412 bn in 2017-18

RBI's latest report suggests that if the Nirav Modi scam were left out, the quantum of frauds would have risen by just Rs 38 bn in 2017-18 YoY, even lower than the Rs 52 bn increase in 2016-17

Nirav Modi

File photo of Nirav Modi

Sai Manish New Delhi
Even as the number of bank accounts has grown exponentially owing to the Modi government’s Jan Dhan scheme, there has been a commensurate rise in the number of banking frauds and the amount involved in these frauds.

The Reserve Bank of India’s (RBI) latest report on ‘Trends and Banking in India 2017-18’ notes that Rs 412 billion worth of frauds were committed across Indian banks in 2017-18 – a 112 per cent increase over 2014-15 when the Modi government came to power. However the RBI’s report has a caveat to justify this phenomenal jump. Without naming anyone, the report states,

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First Published: Dec 31 2018 | 4:34 PM IST

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