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Banking Frauds Increased by a Whopping 73% to 71,543 cr in FY19
July 06, 2019
According to a senior official at the Reserve Bank of India (RBI), the number of frauds in banks increased by 73% by amounting to ₹71,543 crores in the financial year 2018-19. They said that in the financial year 2017-18, the banks reported frauds worth ₹41,167 crores.
The official said that the distribution of reported frauds followed a high Pareto principle which says that 80% of effects are a result of 20% of causes. He also said that the biggest frauds that involved ₹50 crores and above made for just 1% of fraud cases but amounted to 3/4th of the total loss.
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