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Finance Minister Nirmala Sitharaman Says Comprehensive Measures In Place To Prevent Incidence Of Bank Frauds

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Finance Minister Nirmala Sitharaman said in the Rajya Sabha that the government owned banks reported frauds of over Rs 95,700 crore in the first six months of the current fiscal, the Parliament was informed reported PTI.

“According to Reserve Bank of India (RBI), frauds as per year of reporting, as reported by Public Sector Banks (PSBs), during the period from April 1, 2019 to September 30, 2019 is 5,743 involving a total amount of Rs 95,760.49 crore.” Finance Minister Nirmala Sitharaman stated.

In the written reply, the minister further said that comprehensive measures have been taken to curb the incidence of frauds in banks, including freezing bank accounts of 3.38 lakh inoperative companies.

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