Banks reported more instances of fraud than a year earlier even as the dropped.
There were 9,103 bank fraud cases in the fiscal ended March 2022 compared with 7,359 a year ago and 8,703 in FY20, according to data available in the Reserve Bank of India’s annual report.
By , however, banks reported fraud worth Rs 60,414 crore in FY22 against Rs 1.38 lakh crore a year ago.
Private sector banks accounted for the most fraud cases (58.6% of the total) in FY22, public peers contributed the highest by (66.7%).
Frauds have largely been occurring in the loan portfolio of banks, both by volume and , the RBI said in the report.
While the number of frauds reported by private banks was mainly on account of small card/internet frauds, the fraud amount reported by public lenders was mainly in loan portfolio.
The regulator also said there was a significant time lag in reporting of bank frauds.
“93.73% of the frauds in 2021-22 by occurred in previous financial years against 91.71% recorded in 2020-21,” the RBI said.