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As per the information received from RBI, the number of cases of frauds of Rs 500 crore and above reported by Public Sector Banks/ Indian Banks (Except Foreign Banks) / Select Financial Institutions are 79 cases in 2019-20, 73 cases in 2020-21 and 13 cases in 2021-22 (up to 30th June 2021). This was stated by Union Minister of State for Finance Dr Bhagwat Kisnrao Karad in a written reply to a question in Rajya Sabha today. The Minister further stated that the RBI Master Circular on Frauds, 20
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FAQ :
The number of reported fraud cases of £500 crore and above has decreased from 79 in 2019-20 to 13 in 2021-22 (up to 30th June 2021).
A new framework requires public sector banks to examine accounts exceeding £50 crore classified as non-performing assets (NPAs) for possible fraud, with reports submitted to the bank's NPA Review Committee.
This act deters economic offenders from evading Indian law by remaining outside the country, allowing for the attachment and confiscation of their property.
Public sector banks are advised to obtain certified copies of passports for promoters/directors and authorised signatories of companies availing loan facilities over £50 crore.
The National Financial Reporting Authority has been established as an independent regulator to enforce auditing standards and ensure audit quality.
Yes, public sector banks have been instructed to consider publishing photographs of wilful defaulters as per RBI guidelines and their board-approved policies.
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