Shimla: Punjab has earned a dubious distinction by topping the region and taking the fifth spot in India when it comes to the amount lost in financial fraud cases at commercial banks and All India Financial Institutions (AIFIs) in the last fiscal year.
The agrarian state recorded 646 such financial fraud cases amounting to over Rs 149 crore in 2023-24 financial year. Tamil Nadu registered the highest number of 6,468 financial fraud cases amounting to Rs 663 crore last year. It was followed by Maharashtra with 7,586 cases worth Rs 391 crore, Karnataka with 1,499 cases worth Rs 243 crore, and Kerala with 1,256 cases worth Rs 200 crore.
As per information submitted by Union minister of state for finance Pankaj Chaudhary in the Lok Sabha on Monday, Haryana recorded 1,239 cases of financial fraud cases worth Rs 83 crore last fiscal. In response to a question by Trinamool Congress MP Saugata Ray, the Union minister’s reply revealed that total 94 such cases amounting to Rs 4.48 crore were registered in Chandigarh and 117 cases of Rs 4.19 crore in Himachal Pradesh.
Chaudhary informed that such financial fraud cases had declined from losses of Rs 9,298 crore in financial year 2021-22 to Rs 3,607 crore in 2022-23, and to Rs 2,715 crore in 2023-24. He added comprehensive steps had been taken to keep a check on banking frauds and deter fraudsters, which resulted in a decline in the amount involved in frauds over the years.
Based on a comprehensive review of earlier master directions, circulars and emerging issues, the Reserve Bank of India (RBI) has, on July 15 this year, issued revised master directions on fraud risk management in commercial banks and AIFIs.
Features of this master direction include stronger role of the board in overall governance and oversight of fraud risk management, emphasis on the need for instituting robust internal audit and control framework, strengthening framework on early warning signals and red flagging of accounts, and establishment of dedicated data analytics and market intelligence unit in banks.
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Sanjeev Verma is Senior Assistant Editor in the Punjab Bureau of ...
Read MoreSanjeev Verma is Senior Assistant Editor in the Punjab Bureau of The Times of India. He writes on politics, security, public policy, finance, industries and commerce, rural development, legal affairs, defence services welfare and NRI affairs. He has earlier covered Haryana, as well as Punjab and Haryana High Court after an initial stint in Delhi.
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