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UCBs report 972 cases of fraud worth Rs 221 crore in past five fiscals: RBI
Jan-28-2020

The Reserve Bank of India (RBI) has said that urban cooperative banks (UCBs) have reported 972 cases of fraud worth Rs 221 crore in the last five fiscals (during FY15 and FY19). RBI said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19 (FY19).

A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 (FY18) and 2016-17 (FY17) respectively. As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16 (FY16) as against 478 such cases involving Rs 19.8 crore during 2014-15 (FY15).

RBI mentioned that cases of frauds reported to RBI are required to be filed by banks as criminal complaints with law enforcement agencies. Banks are required to look into aspects of staff accountability and punish the guilty through internal proceedings.

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