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RBI Report Highlights Rising Fraud Incidents and Financial Impact

 

The Reserve Bank of India (RBI) has revealed a significant rise in bank fraud cases during the first half of the current fiscal year. According to the Report on Trend and Progress of Banking in India 2023-24, fraud cases from April to September reached 18,461, involving a staggering ₹21,367 crore. This reflects a sharp increase compared to 14,480 cases amounting to ₹2,623 crore during the same period last year.

The Reserve Bank of India (RBI) report reveals a significant 28% rise in fraud incidents and an eight-fold increase in the financial impact during 2023-24. These frauds pose critical challenges, including reputational, operational, and financial risks, alongside the erosion of customer trust in the banking system.

Trends in Internet and Card-Related Frauds

Internet and card-related frauds have emerged as the most prevalent, accounting for:

  • 44.7% of Total Fraud Amounts: The highest share of financial losses.
  • 85.3% of Reported Cases: A majority of the incidents in 2023-24.

Private sector banks were implicated in 67.1% of these cases, while public sector banks incurred the largest financial losses, especially in card and online fraud categories.

In response to the alarming increase in fraud, regulatory penaltie

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