The financial sector registered a loss of Rs 16,770 crore in 2016-17 owing to banking frauds. This was a rise of 72 percent over the last five years, finds an RBI report.
“During the last five financial years, frauds have increased substantially both in volume and value terms. During this period, the volume of frauds has increased by 19.6 percent from 4,235 to 5,064,” RBI said in the biannual Financial Stability Report (FSR) released on Friday.
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