4135 frauds in co-operative banks in last 5 years, loss of Rs 10,856 crore

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Bank Fraud: The Department of Financial Services has revealed shocking statistics related to fraudulent activities in the cooperative banking sector.
According to the data, cooperative banks across the country reported a total of 4,135 frauds during the last five years, amounting to Rs 10,856 crore.
Recently, the Reserve Bank of India (RBI) has taken a major action on cooperative banks, in which the licenses of many banks have also been cancelled. The Ministry of Corporate Affairs has informed the Parliament that there has been a fraud of Rs 10856 crore in co-operative banks from 2018 to 2023, with 4135 fraud cases registered.
According to the data, 1285 cases of fraud were reported in the year 2018-19, in which 703 crores of fraud was committed. In 2019-20, 719 fraud cases were reported in which Rs 6839 crore was defrauded.
In 2020-21, 438 cases of fraud were reported in which 1985 crore rupees were defrauded. In 2021-22, 729 cases of fraud were reported in which Rs 536 crore was defrauded.
In 2022-23, 964 cases of fraud were reported, in which 791 crore rupees were defrauded. Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) have shared this data.
Recently, RBI has taken a big action on cooperative banks, in which the licenses of many banks have also been cancelled. As of 14 June 2023, the total number of cooperative banks in the country is 1,886, including 1,500 urban cooperative banks and 386 rural cooperative banks.
These cooperatives play an important role in meeting the financial needs of various communities across the country.

The post 4135 frauds in co-operative banks in last 5 years, loss of Rs 10,856 crore appeared first on Pro Punjab Tv.

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