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Frauds at Banks rises 74% to Rs 71,543 crore in FY19
December 26, 2019
In the previous financial year i.e. 2017-2018, frauds occurred were at Rs 41,167 crore.
This financial year 2018-19, the frauds increased to Rs 71, 543 crores according to the RBI.
The public sector banks accounted for the majority of frauds, mainly due to a lack of adequate processes internally, operational risks, etc.
The banks reported 13 cases of fraudulent activities in foreign exchange transactions worth Rs 695 crore. Online frauds related to card or internet transactions led to 71 crores.
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