New Delhi: Frauds in the banking system shot up by 74 per cent to Rs 71,543 crore in financial year 2018-19 compared with frauds worth Rs 41,167 crore in 2017-18, the Reserve Bank of India (RBI) said in its annual report on Thursday.
The average lag between the date of occurrence of frauds and their detection by banks was 22 months, the report said.
“State-run lenders, which constitute the largest market share in bank lending, have accounted for the bulk of frauds reported in 2018-19. It was followed by private sector banks and foreign banks,” it added.
