The Reserve Bank of India (RBI) is willing to look into some of the high profile cases of fraud to assess the reasons for delay in identifying them. The banking regulator presently interlinking various databases and information systems to improve fraud monitoring and detection. The RBI also stated that early identification of frauds and proper mitigation of the risks arising out of such frauds will also be studied.
As per the latest data available with the RBI, the total cases of frauds (involving Rs. 1 lakh and above) reported by banks and financial institutions increased by 28% in volume and 159% by value during 2019-20.
The banking regulator also pointed out that frauds have been largely taken place in loan advances category, both in terms of number and value. It was further stated by the regulator that there was a concentration of large-value frauds, with the top 50 credit-related frauds constituting 76% of the total amount reported as frauds during 2019-20.
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