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RBI records 72% spike in bank frauds, over ₹41,100 cr lost

Dec 31, 2018 11:55 IST

According to an RBI data reported by The Indian Express, banks collectively lost ₹41,167.7 crore in fiscal year 2017-18, a sharp 72% increase from last year. The fiscal year saw 5917 cases of bank fraud, with data revealing a steady rise in the number of cases over the last four years. 93% of the fraud cases with amounts over ₹1 lakh occurred in Public Sector Banks, with the PNB scam involving Nirav Modi contributing significantly to this year's jump.

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