The News Scroll 25 June 2019  Last Updated at 6:51 pm | Source: PTI

Amount involved in bank frauds of above Rs 1 lakh on decline

Amount involved in bank frauds of above Rs 1 lakh on decline
New Delhi, Jun 25 (PTI) The amount lost in bank frauds of Rs 1 lakh and above has been on a decline since 2016-17, Parliament was informed Tuesday.

Banks and select financial institutions reported to RBI that frauds of Rs 1 lakh and above amounting to Rs 25,884 crore occurred during 2016-17 .

The amount involved in such frauds in 2017-18 and 2018-19 stood at Rs 9,866 crore and Rs 6,735 crore, respectively, as per a written reply by Finance Minister Nirmala Sitharaman in Rajya Sabha.

She said comprehensive measures have been taken to tighten fraud prevention systems and deter perpetration of frauds in banks.

These measures include giving powers to banks to initiate criminal proceedings against wilful defaulters, government backed framework for timely detection, reporting and investigation of large value bank frauds in public sector banks.

Enactment of the Fugitive Economic Offenders Act, 2018 as well as authorisation to PSBs to obtain certified copy of passport of promoters/directors of companies availing loans of more than Rs 50 crore are among other measures that have been adopted by the government.

"Proactive action has been taken against wilful defaulters, with FIRs being registered by PSBs against 3,154 wilful defaulters," she said.

The government has formed an inter-agency coordination committee to look into the large value bank frauds, she said. PTI KPM KPM ANU ANU

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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