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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Cong takes swipe at PM over India not being part of US-led 'Pax Silica' grouping
New Delh (PTI) The Congress on Saturday said it is perhaps not very surprising that India is not part of a US-led strategic initiative to build a secure silicon supply chain, given the "sharp downturn" in the Trump-Modi ties, and asserted that it would have been to "our advantage if we had been part of this group".
Congress general secretary in charge of communications Jairam Ramesh took a swipe at Prime Minister Narendra Modi, saying the news of India not being part of the group comes after the PM had enthusiastically posted on social media about a telephone call with his "once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC".
In a lengthy post on X, Ramesh said, "According to some news reports, the US has excluded India from a nine-nation initiative it has launched to reduce Chinese control on high-tech supply chains. The agreement is called Pax Silica, clearly as a counter to Pax Sinica. The nations included (for the moment at least) are the US, Japan, the Republic of Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia."
"Given the sharp downturn in the Trump-Modi ties since May 10th, 2025, it is perhaps not very surprising that India has not been included. Undoubtedly, it would have been to our advantage if we had been part of this group."
"This news comes a day after the PM had enthusiastically posted on his telephone call with his once-upon-a-time good friend and a recipient of many hugs in Ahmedabad, Houston, and Washington DC," the Congress leader asserted.
The new US-led strategic initiative, rooted in deep cooperation with trusted allies, has been launched to build a secure and innovation-driven silicon supply chain.
According to the US State Department, the initiative called 'Pax Silica' aims to reduce coercive dependencies, protect the materials and capabilities foundational to artificial intelligence (AI), and ensure aligned nations can develop and deploy transformative technologies at scale.
The initiative includes Japan, South Korea, Singapore, the Netherlands, the United Kingdom, Israel, the United Arab Emirates, and Australia. With the exception of India, all other QUAD countries -- Japan, Australia and the US -- are part of the new initiative.
New Delhi will host the India-AI Impact Summit 2026 on February 19-20, focusing on the principles of 'People, Planet, and Progress'. The summit, announced by Prime Minister Narendra Modi at the France AI Action Summit, will be the first-ever global AI summit hosted in the Global South.
Prime Minister Modi and US President Trump on Thursday discussed ways to sustain momentum in the bilateral economic partnership in a phone conversation amid signs of the two sides inching closer to firming up a much-awaited trade deal.
The phone call between the two leaders came on a day Indian and American negotiators concluded two-day talks on the proposed bilateral trade agreement that is expected to provide relief to India from the Trump administration's whopping 50 per cent tariffs on Indian goods.
In a social media post, Modi had described the conversation as "warm and engaging".
"We reviewed the progress in our bilateral relations and discussed regional and international developments. India and the US will continue to work together for global peace, stability and prosperity," Modi had said without making any reference to trade ties.
