RBI Report
At INR 257 bln, PSU banks report most amount of FY25 frauds
This story was originally published at 16:09 IST on 29 May 2025
Register to read our real-time news.Informist, Thursday, May 29, 2025
MUMBAI – A major part of the financial fraud amount reported by the banking sector were by public sector banks in 2024–25 (Apr–Mar), the Reserve Bank of India's annual report released on Thursday showed. On other hand, the total number of frauds reported fell to about 24,000 in FY25 from around 36,000 a year ago. State-owned banks reported frauds totalling INR 256.67 billion, up from INR 92 billion a year ago, constituting over 71% of the total amount involved in fraud cases reported by banks.
The rise in the amount involved in frauds from the previous year was due to removal of fraud classification in 122 cases amounting to INR 186.67 billion reported in FY24 and "reporting afresh during the current financial year (FY25) after re-examination and ensuring compliance with the judgment of the Hon'ble Supreme Court," the report said.
In total, frauds worth INR 360.14 billion were reported in FY25, sharply up from INR 122.30 billion reported last year. While state-owned banks reported the most amount involved in fraud, private sector banks reported the most number of frauds, compounding to 59.4% of the total fraud cases reported. Foreign banks reported frauds worth INR 1.81 billion while small finance banks and financial institutions reported fraud cases of INR 580 million and INR 130 million, respectively.
Most frauds in state-owned banks occurred in digital payments and loan portfolios while private sector banks saw the highest number of frauds in card and internet transactions, the report said. The central bank also highlighted its active collaboration with international regulators to adopt global best practices aimed at curbing digital fraud, strengthening operational resilience, and enhancing cybersecurity, the annual report showed. End
Reported by Gowri Lakshmi
Edited by Subhojit Sarkar
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
