RBI Annual Report, BFSI News, ET BFSI

The Reserve Bank of India in its annual report stated that a total of 7,363 frauds worth Rs 1,38,422 crore were reported. These frauds have been reported across all banks and areas of operations.

The RBI said the number of frauds reported in 2020-21 decreased by 15 per cent in terms of number and 25 percent in terms of value as compared to 2019-20. The share of PSBs in total frauds decreased while the number of frauds in private sector banks increased during the corresponding period.

Majority of the frauds have been occurring predominantly in the loan portfolio both in terms of numbers and value. However the value of frauds in advances category remained almost same as compared to the last year and the incidence of frauds in advance category have come down over the previous year.

As per the annual report the average time lag between the date of occurrence of frauds and the date of detection was 23 months for the frauds reported in 2020-21.