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. 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.
With the frauds in PSU banks declining, overall bank frauds in the country came down to Rs 138,422 crore in March 2021 from Rs 185,468 crore in March 2020. The number of frauds also fell to 7,363 from 8,703, according to RBI data. “The number of frauds reported during 2020-21 decreased by 15 per cent in terms of number and 25 per cent in terms of value, vis-à-vis 2019-20. The share of PSBs in total frauds (both in terms of number and value) decreased while that of private sector banks increased during the corresponding period,” the RBI said.
In terms of area of operations, frauds have been occurring predominantly in the loan portfolio (advances category) both in terms of number and value (99 per cent of the frauds, or Rs 137,023 crore). Card and internet frauds declined to Rs 119 crore in 2021 from Rs 129 crore last year.
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