In pandemic year, bank frauds down 25% by value: RBI annual report

In terms of number, fall is 15%; share of PSBs in cases declines

Banks and other financial institutions reported frauds worth Rs 1.38 trillion in 2020-21, down 25 per cent compared to the previous year, when the amount involved was Rs 1.85 trillion, according to the Reserve Bank of India’s (RBI’s) annual report released on Thursday.
 
In terms of number, these entities reported 15 per cent fewer frauds in 2020-21, at 7,363, compared to the previous year’s 8,703 cases.
 
The RBI data takes into account frauds of Rs 1 lakh and above only. Also, the central bank has changed its accounting year to April-March from July-June, and hence the latest report