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Bank fraud amount jumps to 74% in 2018-19

Date: 31 August 2019 Tags: miscellaneous
  • Bank frauds saw a whopping 73.8% jump in value in 2018-19 as compared to the previous year according to the report by RBI. In terms of number of cases, it was up 15%.
  • The banks took an average of 55 months to report fraud. Among bank groups, public sector banks (PSBs), which constitute the largest market share in bank lending, have accounted for the much of frauds reported in 2018-19. These were followed by private sector banks and foreign banks.