MUMBAI: The variety of frauds within the banking sector through the first half of the present monetary 12 months has elevated considerably to 14,483 circumstances, though the quantity concerned is just 14.9% of the earlier 12 months’s quantity, in accordance with a RBI report.
The report on Development and Progress of Banking in India 2022-23, underlined the necessity to defend the banking system and the funds system from the dangers of fraud and information breaches emanating from cyber threats.
As many as 14,483 frauds had been reported involving an quantity of Rs 2,642 crore within the first half of present monetary 12 months, as in comparison with 5,396 circumstances (Rs 17,685 crore) in the identical interval a 12 months in the past.
Frauds result in reputational, operational and enterprise threat for banks and undermine prospects’ belief within the banking system, it stated.
The report on Development and Progress of Banking in India 2022-23, underlined the necessity to defend the banking system and the funds system from the dangers of fraud and information breaches emanating from cyber threats.
As many as 14,483 frauds had been reported involving an quantity of Rs 2,642 crore within the first half of present monetary 12 months, as in comparison with 5,396 circumstances (Rs 17,685 crore) in the identical interval a 12 months in the past.
Frauds result in reputational, operational and enterprise threat for banks and undermine prospects’ belief within the banking system, it stated.
