NEW DELHI: Junior minister for finance Anurag Thakur said in Rajya Sabha on Tuesday that bank fraud amount has declined to Rs 5,244 crore in the first three quarters of this fiscal because of improved detection and reporting.
“Bank frauds, which stood at 0.58% during 2009-14, have come down to 0.16% in the last two and half years. In the first six months of this year, frauds were only 0.04 %. This has happened because our government has taken right steps towards fraud reporting and detection,” Thakur said in the Upper House.
According to Thakur, bank frauds reduced significantly from Rs 38,548 crore in the 2016-17 fiscal to Rs 16,084 crore in 2017-18 fiscal.
It rose slightly though to Rs 18,893 crore in 2018-19 but declined again to Rs 5,244 crore in the first three quarters of 2019-20 fiscal, he said during Question Hour. To check fraud, the minister said, “We came out with a framework for improved detection and monitoring. We also reviewed the quality of assets, cleaned up the bank balance, and recapitalised banks.”
“Bank frauds, which stood at 0.58% during 2009-14, have come down to 0.16% in the last two and half years. In the first six months of this year, frauds were only 0.04 %. This has happened because our government has taken right steps towards fraud reporting and detection,” Thakur said in the Upper House.
According to Thakur, bank frauds reduced significantly from Rs 38,548 crore in the 2016-17 fiscal to Rs 16,084 crore in 2017-18 fiscal.
It rose slightly though to Rs 18,893 crore in 2018-19 but declined again to Rs 5,244 crore in the first three quarters of 2019-20 fiscal, he said during Question Hour. To check fraud, the minister said, “We came out with a framework for improved detection and monitoring. We also reviewed the quality of assets, cleaned up the bank balance, and recapitalised banks.”
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