Top 10 banking frauds inwards 2018 lonely Pb to a financial loss of Rs 10,000 crore. Banks had reported close 5,000 frauds amounting to Rs 20,000 crore inwards financial twelvemonth 2017.
“In recent years, frauds reported (For to a greater extent than than Rs 1 lakh) inwards the Indian banking sector demo an increasing tendency both inwards damage of let out as well as quantum. In damage of the relative part of frauds, PSBs stimulate got a disproportionate part (more than 85 per cent) significantly exceeding their relative work organisation share,” the RBI study said.
While the mass of the full frauds were loan related, bill of fare as well as cyberspace banking frauds every bit good contributed to the abrupt rise, alluding to the underlying vulnerability of technology-based delivery channels.
The Financial Stability Report (FSR) also highlighted that fraud reported inwards PSBs nether prompt corrective activity (PCA) is inwards excess of their relative part inwards credit.
The study every bit good pointed to meaning information asymmetry betwixt external auditors as well as internal stakeholders, as well as its consequences on the character of internal oversight.