Bank fraud amount increased three times to Rs 36,014 crore in FY 2024-25: RBI report
New Delhi: The total amount involved in bank frauds increased three times to Rs 36,014 crore in the financial year 2024-25, according to the Reserve Bank of India's (RBI) latest annual report.
According to the central bank’s report, as cited by Scroll, the amount involved in bank frauds was Rs 12,230 crore in the previous financial year 2023-24.
The RBI attributed the spike largely to “removal of fraud classification in 122 cases amounting to Rs 18,674 crore reported during the previous financial year and reporting afresh during the current financial year after re-examination and ensuring compliance” with a March 2023 judgement of the Supreme Court.
Despite the rise in the amount involved, the number of registered cases of fraud fell sharply to 23,953 in FY 2024-25, compared to 36,060 cases in the previous year, added the report.
Private sector banks accounted for the majority of cases by number, representing 59.4% or Rs 10,088 crore of the total fraud amount. Public sector banks, meanwhile, reported a larger share in terms of value, amounting to Rs 25,667 crore or 29% of the total cases.
The report highlighted that most frauds, in terms of number, occurred in the digital payments segment, while those with the highest monetary value were predominantly linked to the loan portfolio.
The RBI clarified that the data includes frauds of Rs 1 lakh and above reported during the financial year, and many of these incidents may have occurred in earlier years but were only reported during 2024-25.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
