Loan fraud on the rise in banks

May 29, 2018 06:15 pm | Updated May 30, 2018 09:57 am IST

A view of RBI headquarters in Mumbai. File

A view of RBI headquarters in Mumbai. File

The total amount involved in bank loan frauds of  ₹1 lakh and above has increased 14 times in the past 10 years, according to RBI data. The total loan frauds in the financial year 2017-2018 amounted to ₹22,469.6 crore.

While the amount involved in loan frauds in public sector banks has increased exponentially and has grown even faster since 2014, the rate of increase in private sector banks has been relatively slower. The overall number of frauds has also increased by 20% since 2009.

The RBI data was obtained in response to an RTI query by economist Prasenjit Bose

 

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