Scheduled Commercial Banks recover Rs 90 crore from financial frauds in last 5 years

Cyber financial frauds in banking primarily relate to frauds that have taken place on ATM/ debit cards, credit cards and internet banking platforms. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question in Lok Sabha today.

Giving more details, the Minister stated that as per RBI data on frauds reported by Scheduled Commercial Banks in the category “Card/Internet – ATM/Debit Cards, Credit Cards and Internet Banking Fraud” for the last five financial years, based on the date of occurrence of frauds, state-wise and bank-wise details are at ANNEX-I and Annex-II respectively.

The Minister further stated that recovery against such financial frauds is an ongoing process and as per RBI data, SCBs have so far recovered an amount of Rs. 90 crore during the said period.