Banking frauds of over ₹100 crore see significant decline in FY'22
The Hindu
Number of fraud cases in private as well as public sector banks dropped to 118 in FY22 from 265 in 2020-21
Frauds in the banking sector involving sums of over ₹100 crore have declined significantly, with banks reporting cases worth ₹41,000 crore in 2021-22 compared to ₹1.05 lakh crore in the previous year.
According to official data, the number of fraud cases in private as well as public sector banks dropped to 118 in FY22 from 265 in 2020-21.
In the case of public sector banks (PSBs), the total number of fraud cases of over ₹100 crore declined to 80 from 167 in FY'21, while for private sector lenders such cases reduced to 38 in FY'22 from 98 earlier, as per the data.
In terms of cumulative amount, it has come down to ₹28,000 crore from ₹65,900 crore in FY'21 for PSBs. For private sector banks, the reduction is from ₹39,900 crore to ₹13,000 crore in FY'22.
In a bid to check frauds, the RBI has been taking several steps including improving efficacy of Early Warning System (EWS) framework, strengthening fraud governance and response system, augmenting data analysis for monitoring of transactions and introduction of dedicated Market Intelligence (MI) Unit for frauds.
During 2021-22, the Reserve Bank of India (RBI) carried out a study on the implementation of EWS framework in select Scheduled Commercial Banks, in collaboration with the Reserve Bank Information Technology Private Limited (ReBIT).
Further, the effectiveness of EWS was assessed in select banks by using Machine Learning (ML) algorithms.
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