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RBI reveals banking frauds grew by 74 percent from last year in RTI query


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If the Reserve Bank's admission is to be taken seriously, the size of frauds in the country may have almost grown to the annual financial budget of the state of Jharkhand.

The Reserve Bank answering an RTI query has revealed that in 2018-19, the total size of banking frauds was a mind-boggling Rs 71,542.93 crores. It took 6,801 cases for scheduled commercial banks and select financial institutions to reach that number. The financial budget for 2018-19 proposed by Jharkhand stands at Rs 80,200 crores.

The banking regulator was answering to an RTI [Right to Information] query posed by a PTI journalist on the size of banking frauds in the country.

The size of banking frauds has grown by a whopping 74 percent from the previous year. In 2017-18, the total frauds were Rs 41,167.03 crores from 5,916 cases.

The RBI also divulged that 53,334 cases have been reported in the past eleven fiscal years amounting to a total of Rs 2.05 lakh crores. The amount is nearly equivalent to the budget of Karnataka state. In 2018-19, a budget of Rs 2.09 lakh crores had been presented for the state.

Read more at: http://www.sify.com/finance/rbi-rev...in-rti-query-news-business-tgdrxWgedgebi.html

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