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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Two injuries, one DNF, a DQ as India end messy World Relays campaign
Gaborone (Botswana) (PTI): Amoj Jacob and Ragul Kumar got injured during the men's 4x400m and 4x100 races respectively as India ended their World Athletics Relays campaign in disappointment on the second day of competitions here on Sunday.
The Indian camp had high hopes of making the 2027 World Championships in the men's 4x400m relay but the team did not finish (DNF) the race as Jacob suffered cramps and pulled out of the race after taking the baton from the first leg runner Dharamveer Choudhary. Rajesh Ramesh and Vishal TK were to run in the third and fourth legs.
Those teams which could not qualify for the 2027 Beijing World Championships by reaching the final round of each of the six relay events on Saturday were given another chance in the second qualification round on Sunday.
The top two teams in each of the two heats (in all six relay events) booked the Beijing ticket on Sunday.
India will now have to try and qualify for the World Championships through the Top Lists of the World Athletics, which is a long and tedious process.
In the men's 4x100m race, third leg runner Ragul Kumar fell down the track after failing to hand over the baton inside the exchange zone to fourth leg runner Gurindervir Singh, which clearly showed the lack of coordination among the runners.
Harsh Santosh Raut and Animesh Kujur ran the first two legs.
The Indian quartet was disqualified and Kumar was seen being taken away from the Field of Play with the help of the volunteers.
It was a comedy of errors in the case of the women's 4x100m race, which saw the baton being dropped during an exchange between first leg runner Tamanna and second runner Nithya Gandhe, though the Indians finished the race in 53.09 seconds.
Gandhe started running quite a distance, but after realising that the baton was not in her hand, she turned and ran back to pick it up.
The only silver-lining for the Indian contingent was the national record time in the mixed 4x100m relay race, though the quartet of Ragul Kumar, Nithya Gandhe, Animesh Kujur and Sneha SS finished sixth in heat number two with a time of 41.35 seconds, bettering the previous national mark of 42.30 seconds set in March in Chandigarh.
The mixed 4x400m relay quartet of Theerthesh P Shetty, Kumari Saloni, Nihal William and Rashdeep Kaur ended at fifth in heat number one with a time of 3 minutes and 19.40 seconds.
On Saturday, all the five Indian relay teams had failed to make it to the respective final rounds and thus missed out on the 2027 World Championships berths.
