India’s advise-pace banks listing frauds of over $13 bn in 6 months: FM Nirmala Sitharaman

    India’s advise-pace banks listing frauds of over $13 bn in 6 months: FM Nirmala Sitharaman

    Finance Minister Nirmala Sitharaman on November 19 told lawmakers that the country’s advise-pace banks admire reported frauds worth Rs 95,760 crore ($13.34 billion) within the foremost six months of FY20 ending March, files company Reuters reported.

    Between April and September this year, as many as 5,743 conditions of fraud had been reported.

    “Government has taken comprehensive measures to curb the incidence of fraud in banks,” FM Sitharaman told the Rajya Sabha.

    The measures included the freezing of 3,38,000 financial institution accounts of inoperative companies within the final two financial years as well to the enactment of a legislation with a provision to confiscate the property of commercial offenders, Reuters reported.

    Going by the Reserve Bank of India’s (RBI) annual listing for FY19 released earlier this year, conditions of frauds reported by banks went up by 15 p.c on a year-on-year foundation from 2018-19.

    As per the listing, the field reported 6,801 frauds conditions which amounted to an absence of Rs 71,542.93 crore in FY19. This changed into increased than the 5,916 conditions reported in FY18, which triggered an absence of Rs 41,167.04 crore in FY18.

    Public sector banks, which represent the greatest market part in financial institution lending, accounted for the vast majority of frauds reported in 2018-19, in step with the central financial institution’s listing.

    (With inputs from Reuters)

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