Financial Frauds
Fin min says banks, financial institutions reported INR 360-bln frauds FY25
This story was originally published at 14:31 IST on 22 July 2025
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NEW DELHI – The amount involved in fraud cases of more than INR 100,000 at commercial banks and all India financial institutions crossed INR 360 billion in 2024-25 (Apr-Mar), Finance Minister Nirmala Sitharaman said in a written response to a question in the Rajya Sabha on Tuesday. Congress leader Randeep Singh Surjewala had asked the government whether the total value of frauds nearly tripled from FY23 to FY25.
The total amount involved in fraud cases at commercial banks and all India financial institutions was INR 189.79 billion in FY23 and INR 122.31 billion in FY24, Sitharaman said.
"The sudden increase in frauds reported during FY25 was primarily due to fraud reclassification by banks after re-examination and ensuring compliance with the judgement of the Hon'ble Supreme Court," Sitharaman said in her response.
She said the Reserve Bank of India had introduced a number of mechanisms to curb the rise of sophisticated digital payment frauds, including multi-factor authentication and online transaction alerts. "Further, to strengthen security of digital transactions, RBI reviews the cyber security developments and threats on an ongoing basis and necessary measures are taken to strengthen the cyber resilience of banks," she said.
The government and RBI have taken comprehensive steps over the last few years to prevent and deter instances of bank frauds, address issues related to loan defaults, and expedite the investigation of bank fraud cases, Sitharaman said.
In FY25, State Bank of India reported the highest number of frauds in which the amount involved was more than INR 100,000. The total amount involved in these cases was INR 76.64 billion, almost thrice the amount reported in FY24. Canara Bank also reported a sharp rise in frauds, with the total amount involved at INR 49.51 billion in FY25, almost five times the INR 10.86 billion reported in FY24. End
Reported by Sagar Sen
Edited by Avishek Dutta
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