Scheduled Commercial Banks recover ₹ 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 ₹ 90 crore during the said period.