Bank frauds declining sharply annually: Govt

Bank frauds have sharply come down on an annual basis to Rs 5,244 crore in the first three quarters of this fiscal on account of improved detection and reporting, Minister of State for Finance Anurag Thakur said in Rajya Sabha.

Bank frauds reduced significantly from Rs 38,548 crore in the 2016-17 fiscal to Rs 16,084 crore in 2017-18 fiscal.

Frauds rose slightly to Rs 18,893 crore in 2018-19 but started declining again to Rs 5,244 crore in the first three quarters of 2019-20 fiscal, he said during 'Question Hour'.

"Bank frauds, which stood at 0.58 per cent during 2009-14, have come down to 0.16 percent in the last two and half years.

In the first six months of this year, frauds were only 0.04 per cent. This has happened because our government has taken right steps towards fraud reporting and detection," Thakur said in the Upper House.

A declining trend in bank frauds is observed in respect of public sector banks (PSBs) as well with the amount involved by year of occurrence of fraud reducing sharply, he said.