RBI Asks All Banks To Report All Digital Fraud, Even Of Less Than Rs 1 Lakh

The Central Bank of India has asked the banks to report all the digital fraud in the banking ecosystem during an annual inspection in the financial year 2023 even if the fraud is related to less than Rs 1 lakh, a leading media company has reported. RBI has amplified its focus on ongoing fraud taking place in the banking system.

As per the RBI’s FY23 annual report, even the overall value of frauds reported by Indian banks halved from Rs 59,819 crore in FY22 to Rs 30,252 crore in FY23, while 3,596 frauds amounting to Rs 155 crore using cards and internet banking services were reported by lenders in FY22.