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Banks Lost About Rs. 17,000 cr. to Frauds in FY17
December 27, 2017
Banks lost Rs. 16,789 crores due to frauds in the last financial year, the finance ministry said in the Lok Sabha yesterday.
The figure is based on the fraud monitoring reports submitted by scheduled commercial banks as well as a few financial institutions, and was brought to light by Ministry of State for Finance Shiv Pratap Shukla in a written reply to the Lok Sabha.
Pratap also said that financial loss due to thefts, robberies, decoits, and burglaries amounted to about Rs. 65.3 crores.
