25,600 cases! Indian banks were defrauded of Rs 1.79 bn till December 2017

Public sector banks (PSBs) lost a total of Rs 227.43 billion due to banking fraud between 2012 and 2016, notes an IIM-Bangalore study. Ravi Shankar Prasad, electronics and information-technology minister recently told Parliament, quoting Reserve Bank of India (RBI) data, there had been over 25,600 cases of banking fraud worth Rs 1.79 billion reported up to December 21, 2017.

Data released by the RBI last March revealed that during the first nine-months of 2016-17, 455 cases of fraudulent transactions of Rs 100,000 and above were detected at ICICI Bank, 429 at State Bank of India, 244 at Standard Chartered Bank