According to the Reserve Bank of India (RBI), the Public sector banks have reported over a 51% dip in the amount involved in frauds to Rs 40,295.25 crore during the financial year ended March 2022. The 12 PSBs had reported frauds worth Rs 81,921.54 crore in the preceding fiscal 2020-21.
But, the number of fraud cases has fallen slightly as a total of 7,940 frauds were reported by the PSBs in 2021-22, against 9,933 incidents reported in FY21.