A recent report by the Reserve Bank of India (RBI) has highlighted a concerning rise in bank fraud cases during the first half of the current fiscal year. The Reserve Bank of India has released the Report on Trend and Progress of Banking in India 2023-24 which presents the performance of the banking sector, including commercial banks, co-operative banks and non-banking financial institutions, during 2023-24 and 2024-25 so far.

• From April to September, there were 18,461 reported frauds, amounting to a  Rs 21,367 crore.
• This marks a significant increase from the previous year, which saw 14,480 cases involving only Rs 2,623 crore.
•  To put this into perspective, the number of fraud cases has surged by nearly 28% compared to last year, while the total amount involved has skyrocketed more than eight-fold.