Bank frauds tell two tales: While PSBs stem cases, private lenders see 35% surge

Saturday, 29 May 2021Newsdesk

While public sector banks managed to bring down the number of frauds, private and foreign banks have reported a surge in frauds for the year 2020-21.

New Delhi, 29 May 2021

As per news report of The Indian Express,the number of frauds involving private banks rose from 3,065 to 3,710 in FY21, the amount involved in these frauds shot up 35.43 per cent to Rs 46,335 crore as of March 2021 from Rs 34,211 crore in March 2020, the Reserve Bank of India said.The amount involved in frauds involving foreign banks increased to Rs 3,315 crore in March 2021 from Rs 972 crore last year, according to the RBI’s Annual Report for 2020-21.On the other hand, frauds involving PSU banks declined to Rs 81,901 crore from Rs 148,224 crore during the year. The number of PSU banks frauds also fell to 2,903 from 4,410 during FY20, it said.

Source -The Indian Express