Wednesday, March 29, 2023

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Bank loan frauds more than halved

MUMBAI: Bank loan frauds decreased by 57% in value terms to Rs 58,303 crore in FY22. The trend has continued in FY23 as well with just Rs 18,746 crore of loan fraud reported in the first half of FY23 as compared to Rs 35,034 crore a year ago.
According to RBI data, the amount involved in loanfraud has steadily declined over three years. The amounts are based on the year the loans are classified and reported as fraud, while the fraud could have occurred several years ago. The amount reported reflects the size of the loan account and do not reflect the amount of loss incurred. Depending on the recovery, the loss incurred gets reduced.
Banks have gone slow on corporate loans due to their own inability as many are faced lending restrictions because of high bad loans.

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