- Loan frauds reached $ 331.48 billion this year.
- Public sector banks said 6,935 cases of fraud.
- Card and online fraud totaled 5.20 billion pounds sterling.
Mumbai: Banking fraud in India reached a record of 360.14 billion pounds sterling during the financial year 2024-2025, marking a sharp increase of 194% compared to the previous year, according to the latest report by the Reserve Bank of India (RBI).
The number of fraud cases reported in the year was 23,953. Private banks were responsible for the majority of them, recording 14,233 cases – representing 59.42% of all incidents.
However, public sector banks have undergone the highest financial losses, with fraud amounting to 256.67 billion pounds sterling. This is a steep leap compared to the 92.54 billion pounds sterling reported the previous year.
Public banks declared 6,935 cases of fraud, a slight decrease of 7,460 cases during the previous financial year.
Loan -related frauds have formed most of the losses, totaling 331.48 billion pounds sterling in FY5, compared to 100.72 billion pounds sterling the previous year. Card and on the Internet fraud were also important, or 5.20 billion pounds sterling.
The RBI has also reclassified 122 cases of previous fraud, adding 186.74 billion ₹ to losses linked to previous years.
The report highlights a clear contrast – while private banks have recorded most of the cases, public sector banks have undergone heavier financial damage.