You are here: Home » Finance » News » Banks

Loan portfolio lapses cloud growth plans of IndoStar Capital Finance

What is RuPay - India's card payment network?

Business Standard

Bank frauds may have started to dip now, but wait a bit before you cheer

The incidence of bank fraud is trending downward, but the broad picture hides many blind spots

Topics
Bank frauds | financial scams | NBFCs

Raghu Mohan 


The number of bank frauds in the first half of FY22 fell dramatically to Rs 36,342 crore, from Rs 64,261 crore in the year-ago period.

Remarkable as this is, there is no getting away from the fact that the banking system saw “frauds of Rs 100 crore per day over the past seven years,” as Minister of State for Finance Bhagwat Karad told the Rajya Sabha in a written reply in March. The Reserve Bank of India’s (RBI’s) Annual Report for 2020-21 notes that the average time lag between the date of occurrence of a fraud and its detection was 23 months; for ...

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 09 2022. 06:07 IST

.