Of the total 53,334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping Rs 2.05 lakh crore, the highest of 6,811 were reported by the ICICI Bank involving Rs 5,033.81 crore.
The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh.
In the April monetary policy, the growth of Gross Domestic Product (GDP) for 2019-20 was projected at 7.2 per cent - in the range of 6.8-7.1 per cent for the first half of the fiscal, and 7.3-7.4 per cent for the second part, with risks evenly balanced.
As many as 6,801 cases of fraud were reported by scheduled commercial banks and select financial institutions involving an amount of Rs 71,542.93 crore in the last fiscal (increase of over 73% in the fraud amount), RBI said
Demonetisation and the subsequent introduction of Goods and Service Taxes (GST) were aimed at lifting Indian economy. But the government's vision has been counterproductive given the way international bodies are calculating India's economic growth