All you need to know about banking frauds

For the record, Rs 71,500 crore worth of frauds involving 6,801 cases were detected in financial year 2019 — little more than what the government of India wants to spend on the merger of Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd as well as the latest recapitalisation package for public sector banks (PSBs). Incidentally, at least 92 per cent of these frauds in value involved the PSBs that have around 55 per cent share in the volume of such frauds.