Tag: bank frauds

Over 23,000 bank fraud cases involving Rs 1 lakh crore in 5 years: RBI

Over 23,000 cases of fraud involving a whopping Rs 1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April 2017 to March 1, …

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May 2, 2018

Indian banks’ credibility at all-time low, says Congress

With several fraud cases worth thousands of crores of rupees surfacing in Indian banks, the banking sector went into a “deep crisis” with credibility at an all-time low due to the failure of regulatory oversight, Congress said on Friday. “Unimaginable sums of thousands of crores have been looted by select few by faking letters of …

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March 30, 2018

‘Banks lost nearly Rs. 17,000 crore to frauds in 2016-17’

Banks lost a whopping Rs 16,789 crore on account of frauds in the last fiscal, the finance ministry said in the Lok Sabha on Friday. The Reserve Bank has informed that as per the fraud monitoring reports submitted by the scheduled commercial banks and select financial institutions, “the amount lost on account of frauds during …

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December 22, 2017

Not KYC, ‘know your employee’ too to check frauds: CVC to banks

Banks should not only adhere to Know Your Customer (KYC) norms but also on ‘Know Your Employee’ to check frauds, says the recently-released vigilance manual by the CVC. “Several frauds are insider jobs or perpetrated with the abetment of insiders. Banks have to take extra care to have continuous vigil on their staff,” it said. …

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September 11, 2017