RBI annual report: FY22 saw more bank frauds but value decreased by half

RBI annual report: Private banks contribute more to the number of bank frauds while public sector banks contribute more to the value.

Frauds reported by banks and other financial institutions in value terms more than halved in 2021-22, despite the number of instances of fraud increasing, the Reserve Bank of India’s (RBI) annual report released on Friday showed.

In 2021-22, frauds to the tune of Rs 60,414 crore were reported, down 56.28 per cent from Rs 1.38 trillion in 2020-21. In terms of number of frauds, these entities reported 23.69 per cent higher frauds at 9,103 in 2021-22 as against 7,359 frauds in 2020-21. The RBI data considers frauds of Rs 1 lakh and above only.

“An assessment of bank group-wise fraud