Banks lost Rs16,789 cr to frauds last fiscal
23 Dec 2017 12:22 AM IST
New Delhi: Banks lost a whopping Rs 16,789 crore on account of frauds in the last fiscal, the finance ministry said in the Lok Sabha on Friday. The Reserve Bank has informed that as per the fraud monitoring reports submitted by the scheduled commercial banks and select financial institutions, "the amount lost on account of frauds during 2016-17 was Rs 16,789 crore", said Minister of State for Finance Shiv Pratap Shukla in a written reply. He further said an inter-disciplinary standing committee on cyber security has been constituted by the RBI comprising academia, information security audit, forensic and cybersecurity experts.
The committee reviews, inter alia, threats inherent in the existing or emerging technology, and suggests appropriate policy interventions. In another reply, he said incidents of bank robbery, theft, dacoity and burglary were reported from different parts of the country during 2016-17.
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