Home Business At Rs 124 cr, Maharashtra sees most financial institution frauds in India throughout first 9 months of FY22

At Rs 124 cr, Maharashtra sees most financial institution frauds in India throughout first 9 months of FY22

At Rs 124 cr, Maharashtra sees most financial institution frauds in India throughout first 9 months of FY22

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Maharashtra has witnessed financial institution fraud instances to the tune of Rs 124 crore for the primary 9 months of economic yr 2021-22, the best amongst all different states within the nation, adopted by New Delhi at Rs 93.07 crore and Telangana at Rs 89 crore.
Within the monetary yr 2020-2021, Maharashtra recorded bank frauds to the tune of Rs 6, 807 crore whereas Delhi recorded financial institution frauds amounting to Rs 1,530 crore.

In the course of the April-December interval of 2021-22, the quantity concerned in financial institution frauds stood at Rs 648 crore, Minister of State for Finance Bhagwat Karad stated in a written reply to the Rajya Sabha.
Among the many banks, Kotak Mahindra Financial institution has been hit by the best variety of frauds at 642, involving Rs 1 lakh and above, in first 9 months of 2021-22, adopted by ICICI Financial institution and IndusInd Financial institution at 518 and 377, respectively.
Banks have recovered over Rs 7.34 lakh crore within the final six years and the primary six months of the present fiscal yr,in non-performing property and written-off mortgage accounts, together with these reported as fraud, Minister of State for Finance Bhagwat Karad stated in a written reply to the Rajya Sabha, the federal government stated in Parliament on Tuesday.
On restoration of fraud quantities, the minister stated Rs 55,895 crore have been recovered up to now six monetary years and the present monetary yr as much as December 31, 2021, he stated.
The minister stated the Reserve Bank of India had issued grasp instructions on fraud to banks in 2016 and the federal government has instituted wide-ranging structural and procedural reforms to test frauds in banks.
He added that these systematic and complete checking of frauds, together with the legacy inventory of non-performing property, led to the unearthing of frauds perpetrated through the years.
These steps have helped in a pointy decline in fraud quantity from Rs 68,962 crore in 2015-16 to Rs 11,583 crore in 2020-21.

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