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RBI to assess large value frauds to identify reporting delays

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Mumbai: The Reserve Bank of India is set to conduct a study on a few large frauds to recognize the reason behind delay in identifying these frauds.

The regulator is also engaged in interlinking various databases and information systems to improve fraud monitoring and detection.

“A study on the large value frauds with the involvement of select banks, NBFCs, urban-cooperative banks and domain experts will be undertaken for recognising the causes for delay in identifying frauds by supervised entities and suggest measures for early detection and timely mitigation of the risks arising out of frauds,” the RBI said in its annual report.

As per latest data available with the RBI, the total cases of frauds (involving Rs 1 lakh and above) reported by banks and financial institutions increased by 28% by volume and 159% by value during 2019-20. The date of occurrence of these frauds are, however, spread over several previous years, the regulator noted. Private banks reported frauds worth Rs 34,211 crore.

At the end of March 2020, banks had reported frauds worth Rs 1.85 lakh crore involving 8707 cases. 79% of this or Rs 1.48 lakh crore was reported by state-run banks.

“Frauds have been predominantly occurring in the loan portfolio (advances category), both in terms of number and value,” the regulator said. “There was a concentration of large value frauds, with the top fifty credit-related frauds constituting 76 per cent of the total amount reported as frauds during 2019-20.”

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