India incurs a loss of Rs 100 crore each day, RBI report

Last updated on August 30th, 2022 at 06:41 pm

As per a report, India has suffered at least a loss of Rs 100 crore every day due to bank scams or frauds. The RBI report further states that this is the case despite a year on year reduction in the total amount involved.

The total displacement of cash on a per-day basis has shocked the experts. This is among the biggest financial institution frauds or scams in seven years. Maharashtra has topped among the states as the one to commit most cash-related crimes.

The state alone is responsible for 50% of the cash concerned and the secondary part of the list is followed by Delhi, Telangana, Gujarat, and Tamil Nadu. These five states account for  greater than Rs 2 lakh crore, or 83%, for the monetary fraud.

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Among these states, the collective fraud has summed up to Rs 2. 5 lakh crore as per the latest figures. However, the finance ministry asserted that measures are being taken to ensure that immediate reporting and prevention are taken in such cases.

According to the current banking system, the Reserve Bank of India has classified the frauds committed under the Indian banking system in eight classes. Details of all these classes are available on the RBI’s websites. “There should be a course that assigns duty and make these sanctioning such loans accountable as a variety of these frauds occur as a result of advances or loans have been supplied without collaterals,” said Sanjay Kaushik, MD of a finance consultancy.