- 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
