In 2023-24, the number of fraud cases reported by PVBs accounted for 67.1 per cent of the total. In terms of amount involved, however, PSBs had the highest share.
FinTech BizNews Service
Mumbai, 29 December, 2024: The Reserve Bank of India has released its “Report on Trend and Progress of Banking in India 2023-24” on 26 Dec, 2024.
Frauds In Banking Sector
Frauds present multiple challenges for the financial system in the form of reputational risk, operational risk, business risk and erosion of customer confidence with financial stability implications. During 2023-24, based on date of reporting by banks, the amount involved in frauds was the lowest in a decade, while the average value was the lowest in 16 years Based on the date of occurrence of frauds, in 2023-24, the share of internet and card frauds in the total stood at 44.7 per cent in terms of amount and 85.3 per cent in terms of number of cases.
In 2023-24, the number of fraud cases reported by PVBs accounted for 67.1 per cent of the total. In terms of amount involved, however, PSBs had the highest share. In terms of number of frauds, the share of card and internet frauds was highest for all bank groups in 2023-24.
