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The result of the government’s strictness, banking frauds decreased in 2020-21 as compared to 2018-19

Banks Fraud Update: There has been a decrease in the cases of banking fraud in the country. The government has given this information in Parliament. Quoting RBI data, the government has said that in 2018-19, where there was a banking fraud of Rs 40,264 crore, which has come down to Rs 11,486 crore in 2020-21.

Banking fraud reduction

According to the Minister of State for Finance Bhagwat Karad, according to the data provided by Scheduled Commercial Banks to RBI, since 2018-19, there has been a decrease in the cases of banking fraud of more than one lakh rupees. Where banking fraud of Rs 40,264 crore took place in 2018-19, it has come down to Rs 28,245 crore in 2019-20 and has come down to Rs 11,486 crore in 2020-21.

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Several steps have been taken to prevent fraud

The government has also mentioned the steps taken to prevent banking fraud. The Minister of State for Finance said that the government has taken several steps to recover from bank defaults, defaulters, including the Insolvency and Bankruptcy Code (IBC), in which rights are taken away from the promoters of defaulting companies. Willfoot defaulters are taken out of the resolution process.

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Under IBC, till June 2021, Rs 2.45 lakh crore has been recovered in 394 cases. Billful defaulters are not given additional loans by the banks. Also, after the implementation of the Fugitive Economic Offenders Act 2018, the property of those fleeing the country after committing economic offenses is confiscated.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.

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