Banking frauds in India nearly tripled in FY2024–25, reaching a massive ₹360.14 billion, according to the Reserve Bank of India's new report.
The RBI's annual report revealed a staggering 194% rise in the total value of reported bank frauds compared to the previous financial year, indicating a sharp deterioration in financial security protocols across sectors.
The number of reported fraud cases during the year stood at 23,953. Private banks were responsible for the majority of these, registering 14,233 cases — representing 59.42% of all incidents.
However, public sector banks bore the highest financial losses, with frauds amounting to ₹256.67 billion. This is a steep jump from the ₹92.54 billion reported the year before.
Public banks reported 6,935 fraud cases, a slight decrease from 7,460 cases in the previous fiscal year.
Loan-related frauds made up the bulk of the losses, totalling ₹331.48 billion in FY25, compared to ₹100.72 billion the year before. Card and internet frauds were also significant, amounting to ₹5.20 billion.
The RBI also reclassified 122 earlier fraud cases, adding ₹186.74 billion in losses related to previous years.
The report highlights a clear contrast — while private banks logged the most cases, public sector banks sustained heavier financial damage.
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