The bank fraud incidence involving over Rs 1 lakh has declined to 6,735 in 2018-19 as compared to 9,866 in the previous fiscal, Parliament was informed Tuesday. During 2018-19, as many as 6,735 incidences of fraud occurred with financial implication Rs 2,836 crore as compared to 9,866 such activities involving over Rs 4,228 crore a year ago, Finance Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. Occurrence of frauds was enabled by lack of discipline in the financial system and a lax credit culture, she said. Over the last four financial years, the minister said, PSBs were recapitalised to the extent of Rs 3.12 lakh crore, with infusion of Rs 2.46 lakh crore by the government and mobilisation of over Rs 0.66 lakh crore by themselves. Further, she said, the RBI maintains the Central Fraud Registry and banks report all frauds involving amount above Rs 1 lakh to the apex bank.

Source: dna July 02, 2019 10:56 UTC