The number of fraud cases reported by private banks accounted for 66.2% of the total  cases.  

 Indian banks reported a total of 12,069 card and internet-related digital frauds  in the first half of FY24 (April-September),  amounting to  Rs  630 crore,  seven times higher than  87 crore  fraud during  the corresponding period  of the  previous  financial year, says the report, Banking Sector Trends and Progress 2023 by  the Reserve Bank of  India (RBI).  

 Overall, lenders reported a total of 14,483  scams  amounting to  Rs  2,642 crore, the lowest in six years. “Based on the date of  fraud occurrence,  the average amount involved  decreased  during  2022-2023,  with the number of  incidents  concentrated  on  card or  internet related frauds,”  the report said.  

 The number of fraud cases reported by private banks accounted for 66.2% of the total  cases, while  in terms of  numbers,  public sector banks  accounted for  a higher share. The majority of  fraud cases  in public sector banks were related to advances, while private lenders accounted for  the  majority of  cases related to cards,  internet and  cash.  

 Along with  the overall  decline in  frauds, the RBI also  fined  lenders  less  in FY23  compared to  FY22. For  example,  the regulator imposed a total  fine  of  3 .7 crores  on seven  non-compliance  cases in  public sector banks in FY23,  compared to a fine of Rs  17.6 crore  imposed  in  13  cases  in FY22.  

 Private banks were  fined  more than public sector banks in FY23, with the regulator imposing  a penalty of Rs  12.2 crore  for  seven  violations by  these  lenders. The central bank  has  imposed the highest penalty on cooperative banks, as it  has imposed  a  fine  of Rs 14 crore for 176 violations by this category of lenders. 

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