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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.

ATM, banks, cash withdrawal, bank fraud, debit card, credit
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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.

BS Reporter
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

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First Published: May 27 2022 | 12:54 PM IST

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