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Business Hours For Christmas Eve And Day | December 24, 2024 | News 19 at 4 p.m.

RBI flags eightfold surge in bank fraud amounts in first half of FY25

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
Bank frauds surged in the first half of FY25 to 18,461 cases, involving ₹21,367 crore, driven by digital frauds. RBI has urged stronger monitoring systems and better collaboration with law enforcement agencies.
The article from CNBC TV18 discusses a significant increase in bank frauds as reported by the Reserve Bank of India (RBI) for the first half of the fiscal year 2025 (H1 FY25). According to the RBI's report, there has been an eightfold surge in the amount involved in frauds, with the total amount rising to Rs 4,981 crore from Rs 625 crore in the same period of the previous year. Despite the sharp increase in the fraud amount, the number of fraud cases actually decreased from 13,564 to 13,067. The report highlights that the majority of these frauds were related to digital payments, card/internet banking, and loans, with a notable increase in the value of frauds in the digital payment category. The RBI has emphasized the need for banks to strengthen their fraud risk management systems, particularly in light of the growing digital transaction landscape.

Read the Full cnbctv18 Article at:
[ https://www.cnbctv18.com/business/finance/rbi-report-flags-eightfold-surge-in-bank-fraud-amounts-during-h1-fy25-19530173.htm ]