The number of frauds in the banking sector has witnessed an over fourfold increase in the last five years to 36,075, but the amount involved came down significantly to about Rs 14,000 crore from over Rs 1.85 lakh crore in FY20.

In terms of the number of frauds, it has predominantly been witnessed through digital payments (card or internet). It has increased to 29,082 in FY24 compared to 2,677 in FY20.

In terms of value, frauds have been reported primarily in the loan portfolio (advances category), which has witnessed a gradual decline to Rs 11,772 crore in FY24 from Rs 1,81,942 crore in FY20.

The number of frauds reported by private banks was more than three times higher than public sector banks, though government banks contribute higher in terms of value.

First Published: May 30 2024 | 6:50 PM IST