According to RBI's annual report, the number of cases of frauds reported by banks saw a jump of 15 % year-on-year basis in 2018-19, with the amount involved increasing by 73.8 % in the year.
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The number of cases of frauds reported by banks saw a jump of 15 % year-on-year basis in 2018-19, with the amount involved increasing by 73.8 % in the year.
In FY19, banking sector reported 6,801 frauds involving Rs 71,542.93 crore as against 5,916 cases involving Rs 41,167.04 crore reported in 2017-18.
Among bank groups, PSBs have accounted for the bulk of frauds reported in 2018-19. It was followed by private sector banks and foreign banks.
The average lag between the date of occurrence and its detection by banks was 22 months. The average lag for large frauds, i.e. Rs 100 crore and above, amounting to Rs 52,200 crore reported during 2018-19, was 55 months.
Number of frauds related to advances were predominant followed by card/internet related frauds and deposits related frauds. Frauds relating to card/internet and deposits constituted only 0.3 % of the total value of frauds in 2018-19.
Cheating and forgery was the major component, followed by misappropriation and criminal breach of trust.
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