RBI says bank frauds rose 15% in 2018-19, pegs amount at Rs 71,543 cr

The average time gap in the date of occurrence of fraud and its detection was 22 months, the RBI said in its annual report

The number of frauds reported by banks in 2018-19 increased 15 per cent on a year-on-year basis to 6,801 cases from 5,916 cases a year ago.  And, the total amount involved in the frauds was to tune of Rs 71,542.93 crore in 2018-19 as compared to Rs 41,167.04 crore in 2017-18, a 73.8 per cent increase. 

The public sector banks accounted for 90.2 per cent of the amount that was involved in fraud in 2018-19, while the private sector banks accounted for 7.7 per cent, and the foreign banks accounted for 1.3 per cent. In terms of the number of frauds,