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Bank frauds fall by 25% in 2020-21: RBI report

Bank frauds fall by 25% in 2020-21: RBI report

Bank frauds of ₹1 lakh and more fell by 25% in value to ₹1.38 trillion in the previous fiscal with the number of such cases also seeing a decline of 15% during the year, showed the Reserve Bank of India’s annual report released on Thursday.

The share of PSBs in total frauds, both in terms of number and value, decreased while that of private sector banks increased during the period. PSBs contributed over 59% to the value of frauds at ₹81,901 crore in FY21, a sharp decline from 80% in the previous year. The share of private sector banks to total value of frauds rose to 33% in FY21 from 18.4% a year ago. Foreign banks and financial institutions’ share stood at 2.4% and 4.9%, respectively.

Data from RBI also showed that a majority of these frauds are in loan portfolios of banks, both in terms of number and value. The share of off-balance sheet (in terms of value) has been decreasing since 2018-19.

“Frauds have been occurring predominantly in the loan portfolio, both in terms of number and value,” RBI said in its annual report. “Though the value of frauds reported in advances category for 2020- 21, in percentage terms, remained almost same as compared to the last year, the incidence of frauds in advances category, in terms of number, has come down over the previous year.”

The average lag between the date of occurrence of frauds and their detection by banks and other financial institutions was 23 months during 2020-21.

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Bank frauds fall by 25% in 2020-21: RBI report

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