Context
Borrowal account frauds are responsible for ten percent of the total fraud cases and for 98% of the total fraud value in the period from April 2020 to September 2024.
Key Highlights:
- Non-Borrowal Fraud Forgery, misappropriation of funds, manipulation of books, diversion of funds, and misfeasance are responsible for 90% expense for fraud cases but only 2% expense for total fraud values.
- Digital and cyber frauds have become almost one hundred percent of the non-borrowal frauds, which hold 96% of incidence but only 22% of incidence losses.
- The meeting convened by the ministry of finance to consider a mechanistic approach to speed up.
Borrowal account fraud, also known as loan fraud, is when someone intentionally provides false information to obtain a loan or credit.
Public Sector Banks or PSBs are those banks wh
