Frauds involving ₹1,13,374 crore were reported by banks and select financial institutions in the first half of the current financial year, Finance Minister Nirmala Sitharaman informed Parliament on Monday.
In a written reply to a question in the Lok Sabha, Sitharaman said the government had issued the ‘framework for timely detection, reporting, (and) investigation relating to large-value bank frauds’ in 2015 for public sector banks (PSBs) to deal with suspected frauds involving money in excess of ₹50 crores.
Structural reforms
It had also instituted wide-ranging structural and procedural reforms through the framework and other steps to check fraudulent banking practices.
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