Bank frauds rise 72% in 2017-18 to Rs 412 bn; PNB scam biggest cause: RBI

Public sector banks accounted for a majority of frauds during the year

Frauds in the banking industry increased by 72 per cent to Rs 412 billion in 2017-2018, against Rs 239 billion in the previous year. This jump was mainly on account of the Rs 140 billion Punjab National Bank (PNB) fraud, said a report by the Reserve Bank of India (RBI) on Friday.   

The number of fraud cases stood at 5,917 cases in 2017-18 against 5,076 cases in 2016-2017. This was a rise of 16.5 per cent over the previous year with an incremental 841 cases.

The number of fraud cases reported by banks was generally hovering at around 4,500