NEW DELHI: The Reserve Bank of India's report, banking sector reported 6,801 frauds involving Rs 71,542.93 crore as against 5,916 cases involving Rs 41,167.04 crore reported in 2017-18. It has seen an increase of 15 per cent year-on-year. In 2018-19, the amount has been paid at 73.8 per cent. In 2017-18, 5,916 cases were reported, including rs 41,167.04 crore fraud. In 2018-19, the highest number of frauds took to take over in the public sector bank. Then there were private sector banks and foreign banks.
In the year under review, public sector banks registered fraud cases of Rs 64,509.43 crore in 3,766 cases, while in 2,885 cases, rs 38,260.8 crore was fraudulent. The report also said that declining domestic demand has slowed down economic activity and there is a need to increase private investment to boost the economy.
The RBI has said that after the IL&FS crisis, the NBFCs have fallen by 20 per cent in the flow of credit to the commercial sector. The RBI has reported that Rs 1,96,344 crore has been left in the Reserve Bank's contingency fund after the central government was given Rs 52,637 crore from the surplus fund. The report said, the efficiency of the states' financial incentives has been reduced due to agricultural debt waiver, implementation of the 7th Pay Commission recommendations, income support schemes.
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