Context:
The Indian Banking Association recommends to the finance ministry to direct all public sector banks (PSBs) to conduct period training programs by CBI for improvement of vigilance and strengthening of efforts to curb frauds.
Key Highlights:
- Offences registered in bank frauds to 36,075 within the last five years.
- Main types of frauds were digital payments, showing an increase from 2,677 for FY20 to 29,082 for FY24.
Indian Banks’ Association
- This is a voluntary association of Indian banks and financial institutions.
- Established on September 26, 1946.
- Currently has a membership of 248 banking companies.
- Headquarter
- Mumbai
