Card, internet frauds increase to Rs 155 crore in 3,596 cases

However, the value of total frauds reported by banking system declined to Rs 60,414 crore involving 9,103 cases as of March 22, 2022 as against Rs 138,211 crore in 7,359 cases in the previous year. Of this, frauds worth Rs 40,282 crore were reported by PSU banks and Rs 17,588 crore by private banks

The RBI said frauds been occurring predominantly in the loan portfolio (advances category), both in terms of number and value. While the number of frauds reported by private sector banks were mainly on account of small value card/internet frauds, the fraud amount reported by public sector banks was mainly in loan portfolio, it said.

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An analysis of the vintage of frauds reported during 2020-21 and 2021-22 shows a significant time-lag between the date of occurrence of a fraud and its detection. 93.73 per cent of the frauds in 2021-22 by value occurred in previous financial years as against 91.71 per cent recorded in 2020-21. “The Reserve Bank continues to remain engaged with the SCBs in implementing system driven NPA identification, with a view to ensuring prompt and error-free recognition of asset impairment,” it said.