Bank 44,016 frauds in last 11 years

Published on July 10, 2019
Current context: As per the data provided by the Finance Ministry, 44,016 Bank frauds have occurred in the last 11 years
Bank 44,016 frauds in last 11 years
  • Since 2008-2009, 2016-17 was the worst year with the highest amount of money involved in bank frauds
  • 2016-17 alone had 3927 frauds of amount Rs 25,883 crore
  • An average of Rs 6.6 crore per fraud amount occurred in 2016-17, higher than Rs 4.21 crore per fraud average amount in 11 years
  • The frauds mentioned in the list are those involving Rs 1 lakh or more
  • The government has already made framework guidelines for frauds, allowing all bank accounts exceeding Rs50 crore be examined if classified as NPAs

Question: 

Q.1 Out of the given options which statement correctly deals with bank frauds?
a. Bank frauds are drastically reduced in the decade
b. The Highest amount of bank fraud occurred in 2006-07
c. The Highest amount of bank fraud occurred in 2016-17
d. No Bank frauds are reported in the past decade

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