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Bank Frauds of over Rs 100 cr see significant decline in FY22

Published on July 03, 2022
Current Context: Frauds in the banking sector have declined by Rs 41,000 crore reporting cases worth in 2021-22 compared to Rs 1.05 lakh crore in the previous year.
Bank Frauds of over Rs 100 cr see significant decline in FY22
  • According to official data, the number of fraud cases in private as well as public sector banks dropped to 118 in FY22 from 265 in 2020-21.
  • In the case of public sector banks (PSBs), the total number of fraud cases of over Rs 100 crore declined to 80 from 167 in FY’21.
  • Besides if we talk about private-sector lenders such cases were reduced to 38 in FY’22 from 98.
  • RBI has taken several steps like Early Warning System (EWS) framework, strengthening fraud governance and response system, augmenting data analysis, etc.
  • Apart from that, the effectiveness of EWS was assessed in select banks by using Machine Learning (ML) algorithms.
  • Although the bank frauds were reduced comparatively still State Bank of India reported one of the biggest bank frauds in the country totaling Rs 22,842 crore.
  • Not only that, the Central Bureau of Investigation booked Dewan Housing Finance Ltd (DHFL), its former CMD Kapil Wadhawan, director Dheeraj Wadhawan and others in a fresh case involving Rs 34,615 crore.

Question:

Q.1 As per RBI data, bank fraud has been reduced to _________ crore cases in FY22.
a. 51,000 crore
b. 41,000 crore
c. 36,000 crore
d. 61,000 crore
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