With digital transactions getting popular by the day, the number of banking frauds is also seeing new highs. According to the data revealed by the RBI (Reserve Bank of India), India saw an average of 229 bank frauds every day in FY 20-21. Out of which, less than 1% amount has been recovered.
India saw a total of 83,638 cases of bank frauds in the financial year 20-21 that amounting to Rs 1.38 lakh crore. Out of this only Rs 1,031.31 crore is recovered, according to the data provided by the RBI. The data was provided by the RBI after India Today filed a query under the Right to Information (RTI) act.
However, the average is slightly better than FY20 that saw 231 banking frauds every day. In FY 19-20 84,540 banking frauds happened and the total amount involved was Rs 1.86 lakh crore out of which Rs 16,197 crore was recovered.
If we take a look at the data of previous years, during 2016-17 only 5,071 cases of frauds were reported by commercial banks and financial institutions. It jumped to 40,061 in 2017-18 and the amount involved rose from Rs 23,927 crore in FY 17 to Rs 41,231 crore in FY 18.
In the span of 7 financial years between FY15 to FY21, when Modi led NDA government came into power, over 2.84 lakh cases of banking frauds occurred involving Rs 5.99 lakh crores. Out of this big amount only Rs 49,000 crore (9.8%) has been recovered.
Comparing the stats from the Manmohan Singh-led UPA government, from FY08 to FY14, 29,451 cases were reported involving Rs 31,674 crore and Rs 7,493 crore (23.7%) was recovered from the total amount.
So, what can be concluded from this? Are digital transactions are a threat irrespective of what government it is run by or does the type of government affects these bank frauds?
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