/financial-express-hindi/media/media_files/Bj1CY9MJ2isYhvKzUK07.jpg "Bank frauds increased by 32.8% annually between FY20 and FY24, the share of private banks increased in such incidents: SBI Research")
Bank Fraud : SBI Research Latest Report :The incidents of fraud reported by the banks of the country have increased rapidly in the last few years. This information has been given in the latest report of the research team of State Bank of India. This report, published under the name of SBI Ecowrap, states that the incidents of fraud reported by banks have increased at the rate of 32.8% annually between FY 2020 and FY 2024. This report gives information about many interesting facts related to the cases of fraud reported by banks.
Fraud cases increased from 8707 to 36,075
According to the report, the number of fraud incidents reported by banks during the financial year 2019-20 was 8707, which increased to 36,075 in the financial year 2023-24. According to the report, one special thing is that the share of private banks in these incidents of fraud has increased significantly, while the share of government banks has decreased in percentage terms. The share of private banks in fraud incidents in the financial year 2019-20 was 35.2 percent, which increased to 67.1 percent in the financial year 2023-24. At the same time, the share of public sector banks (PSBs) in fraud incidents was 50.7 percent in the financial year 2019-20, which decreased to 20.7 percent in the financial year 2023-24.
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The amount involved in fraud decreased rapidly
According to the SBI Research report, in terms of the amount of fraud, the total amount involved in the fraud reported by banks in the financial year 2019-20 was Rs 1.85 lakh crore, which decreased to Rs 13,930 crore in 2023-24. In this way, it has decreased at the rate of 27.9 percent annually between FY20 and FY24. Here too, the share of private banks increased from 18.4 percent in FY20 to 22.8 percent in FY24. While the share of public sector banks decreased from 79.9 percent to 75.3 percent.
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Most of the fraud cases related to government banks are related to loans
Among the types of frauds reported by public sector banks, the maximum number of incidents are related to the loan portfolio. On the other hand, the maximum number of frauds reported by private banks is of card/internet frauds involving small amounts. In terms of the number of incidents, the share of card/internet related incidents in fraud incidents increased from 39.8 per cent in FY22 to 80.6 per cent in FY24. In terms of the amount involved in card/internet fraud, this share increased from 0.3 per cent to 10.4 per cent during the same period. On the other hand, in terms of number of incidents of loan-related frauds, the share decreased from 41.8 per cent in FY22 to 11.5 per cent in FY24. In terms of the amount of fraud during the same period, the share of loan-related frauds decreased from 95.4 per cent in FY22 to 84.5 per cent in FY24.
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