Bank frauds of Rs 1,00,000 or more have more than doubled in value to Rs 1.85 trillion in FY20, with the number of such cases increasing 28% in the same period, the Reserve Bank of Indias annual report showed on Tuesday. These frauds occured over the past few years but have been accounted for in the financial year they were reported. Data from the central bank also showed that a majority of these frauds are in loan portfolios of banks, both in terms of number and value.
There was a concentration of large value frauds, with the top 50 credit-related frauds constituting 76% of the total amount reported as frauds during 2019-20. Incidents relating to other areas of banking, like off-balance sheet and forex transactions, fell in 2019-20,” said RBI.
The report further revealed that 80 per cent of these reported frauds happened in the