India lost at least Rs 100 crore every day to bank fraud or scams over the past seven years, although there was a year-on-year reduction in the total amount involved, according to RBI data.
Maharashtra, which houses the country’s financial capital, topped the table, accounting for 50% of the money involved, followed by Delhi, Telangana, Gujarat and Tamil Nadu. These five states together accounted for more than Rs 2 lakh crore, or 83%, of the quantum of money lost to financial fraud, the report said. Between April 1, 2015 and December 31 last year, banking fraud worth Rs 2. 5 lakh crore was detected across states.
The finance ministry, however, said measures put in place for prompt reporting and prevention had led to incidence of fraud decrease year on year.
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