Most of the fraud is happening through digital payments. There has also been fraud in the loan portfolio in the last financial year.  The Reserve Bank of India ( RBI ) gave information about banking fraud in its annual report (RBI Annual Report 2023-2024). RBI said that there has been a decrease in fraud in the banking sector in the last financial year.

The number of frauds taking place in the banking sector rose to 36,075 year-on-year in 2023-24. The amount involved in this fraud also decreased by 46.7 percent to Rs 13,930 crore.

According to the RBI report, to curb the fraud in the banking sector and improve the digital payment experience, it has started complying with the newly enacted ‘Digital Personal Data Protection Act, 2023’. In this, the details of the fund transfer and the payer will be verified.

Also Read: SEBI New Rule: New Internet-Based Trading rule comes into effect from today

The amount involved in fraud during the financial year 2023-24 was Rs 13,930 crore. This was Rs 26,127 crore a year ago. In such a situation, the number of frauds during the financial year 2023-24 increased from 13,564 in the previous financial year to 36,075.

In the annual report for the financial year 2023-24, RBI said that the cases of Bank Group-Wise Fraud in the last three years indicate that most of the frauds have happened in private banks. At the same time, there has been less fraud in public sector banks, but if we talk about the amount, then the maximum fraud has happened in the public sector.

In which category more fraud is happening

If we talk about categories, then mainly most of the frauds have happened through digital payments i.e. card or internet. Whereas in the value category, most of the frauds have happened in the loan portfolio.

The bank said that analysis of fraud incidents reported during FY 2022-23 and FY 2023-24 shows a significant time-lag between the date of occurrence of fraud and its detection.

At the same time, the amount involved in frauds in previous financial years is 94 per cent of the frauds reported in 2022-23 in terms of value.

89.2 per cent of the frauds reported in 2023-24, by value, occurred in previous financial years.

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The same trend will be seen in future also because due to the reforms taking place in the banking sector, strictness of RBI and digitalization, the business of banks will grow faster. According to the data of Reserve Bank of India (RBI), in the last financial year banks gave jobs to about 1.23 lakh people. This was the highest in the last 10 years. During this period, private banks distributed the maximum number of jobs. It is expected that banks will offer more jobs in the next financial year.

Private banks provided maximum jobs

Private banks, which have established their hold in metros and big cities, are now focusing on Tier-3 and rural areas. Therefore, private banks have been at the forefront in providing new jobs. They gave maximum jobs in customer facilities, loan, insurance and technology segments. Private sector HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC First Bank, Bandhan Bank and AU Bank created hundreds of jobs daily due to their expansion plans in 2023. The maximum number of jobs were found in the banking sector in the financial year 2011. At that time about 1.25 lakh people got jobs in banks.

There are more than 17 lakh employees in banks

The total number of jobs in banks increased by 7.4 percent in 2023 compared to fiscal year 2022. At present, about 17 lakh people are employed in government and private banks. According to experts, by the end of the current financial year the number of new jobs will easily cross the figure of 1.25 lakh.

Preparation to take over business in small towns and villages

Private banks are seeing huge business opportunities in small towns and rural areas. Only Government Banks options are available in these areas. Therefore, by making new recruitments, private banks want to strengthen their hold in these areas. Apart from strengthening the digital platform, these banks are also emphasizing on increasing branches. The rapidly growing economy, retail loans and increasing demand for houses have also created an environment for increasing jobs. Besides, banks are also having to struggle to retain old employees.

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Meanwhile, now a bank is going to be sold and this deal has also become final. In fact, the Federal Deposit Insurance Corporation (FDIC) has said that North Carolina-based First Citizens Bank will buy the troubled Silicon Valley Bank (SVB).

In the banking sector

America, Silicon Valley Bank failed recently. After this, now this bank is being bought. The failure of SVB had taken the entire banking industry by surprise and there was an atmosphere of concern about the banking sector across the world. In such a situation, this deal has happened at a time when the confidence of the investors has been shaken. However, now they can heave a sigh of relief.

FDIC

The FDIC and other regulators took major steps to protect depositors and prevent further deepening of the financial crisis. In this sequence, it was guaranteed that the customers of SVB and another failed bank of America would be able to access their entire funds. Now the customers of SVB have themselves become the customers of First Citizen.

It is also included that

17 branches of SVB will now open as First Citizen’s branches only. Two days after Silicon Valley Bank failed on March 10, New York’s Signature Bank also went under. New York Community Bank had agreed to buy a majority stake in Signature Bank, but the search for a buyer for SVB continued. The FDIC said in a statement that the sale also included the sale of all of SVB’s deposits and loans.

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