229 banking frauds a day in 2020-21, recovery rate below 1%, RBI says in RTI reply

In 2020-21, 229 frauds on average happened every day, revealed the Reserve Bank of India (RBI) in response to a Right to Information (RTI) query.

Banking frauds in India are so frequent and rampant that they no longer surprise most people. For example, take the last financial year, 2020-21, during which more than 83,000 banking frauds took place that syphoned off Rs 1.38 lakh crore. The recoveries during the same period amount to a little over Rs 1,000 crore, less than one per cent of the outflow.

In 2020-21, 229 frauds on average happened every day.