As a result, a business might find itself unable to pay salaries or even rent for their offices or other facilities.
If we look at the broad picture, a bank scam or fraud affects the entire Indian society directly or indirectly.
How? Continue reading. I’ll show you with facts and figures how bank scams affect us.
Scams & Frauds Affecting Banks in India
If you think that frauds and scams are rare in India and happen occasionally, think again. Here’s why.
As many as 53,334 frauds hit banks in India from Financial Year (FY) 2009-2010 to FY 2018-2019, says the regulator, Reserve Bank of India. Banks in India lost whopping Rs.2.05 trillion due to these frauds and scams.
Major Public Sector Undertaking or nationalized banks, private and cooperative banks as well as the new generation Small Finance Banks were affected by scams and frauds, the RBI report adds.
During the first quarter (Q1) of FY 2019-2020, banks in India lost Rs.32 billion. This amount was lost in a short span of three months- from April 1, 2019 to June 30,2019, according to Reserve Bank of India figures.
By Q2 of fiscal year 2019-2020, the amount stood at staggering Rs.72.5 billion. About 90 percent frauds were at nationalized banks- which is something shocking.
Reasons for Bank Frauds
While every bank implements stringent rules and regulations prescribed by RBI, scammers and fraudsters often find a ways and means to overcome these.
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If we look at the broad picture, a bank scam or fraud affects the entire Indian society directly or indirectly.
How? Continue reading. I’ll show you with facts and figures how bank scams affect us.
Scams & Frauds Affecting Banks in India
If you think that frauds and scams are rare in India and happen occasionally, think again. Here’s why.
As many as 53,334 frauds hit banks in India from Financial Year (FY) 2009-2010 to FY 2018-2019, says the regulator, Reserve Bank of India. Banks in India lost whopping Rs.2.05 trillion due to these frauds and scams.
Major Public Sector Undertaking or nationalized banks, private and cooperative banks as well as the new generation Small Finance Banks were affected by scams and frauds, the RBI report adds.
During the first quarter (Q1) of FY 2019-2020, banks in India lost Rs.32 billion. This amount was lost in a short span of three months- from April 1, 2019 to June 30,2019, according to Reserve Bank of India figures.
By Q2 of fiscal year 2019-2020, the amount stood at staggering Rs.72.5 billion. About 90 percent frauds were at nationalized banks- which is something shocking.
Reasons for Bank Frauds
While every bank implements stringent rules and regulations prescribed by RBI, scammers and fraudsters often find a ways and means to overcome these.
