In the Corona era, most of the work is being done on digital platforms. Under this, cybercrime has also increased. Vicious criminals are making a dent in the bank account of the people. There are more cases of private banks among them.
In the Corona era, most of the work has gone online. In such a situation, banking transactions including money transactions are also being done on the digital platform. All the work is done in just one click from home, due to which people have got a lot of rest, but meanwhile vicious criminals have also become active. They are hacking people’s data and emptying their bank account (Banking Fraud). At the end of March 2021, there has been an increase of 34.6 percent in online banking fraud cases. During this period, the number of cases of fraud in private banks has come to the fore. This fact has been revealed in the annual report of the RBI itself.
According to RBI Annual Report, cases in private banks have increased more than financial frauds occurring in public sector banks. Private sector banks have lost Rs 46,335 crore. Apart from this, NBFCs have also suffered a lot. However, in the report sent by the banks to RBI compared to the previous financial year, there has been a 15 percent decrease in financial fraud. At the same time, it has decreased by 25 percent in terms of total value.
According to the annual report of the Reserve Bank of India, by the end of March 2021, the value of bank financial fraud has fallen to Rs 1.38 lakh crore, while the cases have also come down to 7,363. To control banking fraud, RBI will focus on improving the on-site evaluation capability of inspection and assurance functions. During this time the use of new and developed technologies will also be considered.
The RBI said in its report that while improving the on-site of select banks, attention will also be given to streamlining data collection processes from all banks.
Also Read: RBI Annual Report: Corona Affects Economy, 10.5% Growth Rate Estimated In FY22
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