Bank Fraud: Your money is safer in private banks than government banks, know how, shocking disclosure made in RBI's new report

Bank Fraud: The Reserve Bank of India (RBI) has projected the Indian economy to grow at a rate of 7 percent in the current financial year 2024-25. In its annual report released on Thursday, the RBI said that the Indian economy expanded at a strong pace in 2023-24, taking the real GDP growth rate to 7.6 percent.

The country's growth rate remained at 7 percent or more for the third consecutive year. The RBI said that India's GDP growth has strengthened on the back of strong investment demand. This has been supported by healthy balance sheets of banks and corporate sector,

government's focus on capital expenditure and prudent monetary, regulatory and fiscal policies. According to the latest RBI report, more cases of fraud have been reported in public sector banks than private sector.

Three times more fraud in public sector banks
Bank fraud cases increased by 166 percent in 2023-24, although the amount of fraud has decreased by 47 percent. 29,082 fraud cases or 81 percent of fraud cases are related to credit-debit cards and internet banking, 4,133 cases of loan fraud.

24,210 fraud cases were reported in private banks in which fraud of Rs 3,170 crore was committed, while in public sector banks, fraud of Rs 10,507 crore was committed in 7,472 cases.

The size of RBI's book balance has increased by 11.08 percent to Rs 70.47 lakh crore in 2023-24. This is the reason why it was able to give a dividend of Rs 2.11 lakh crore to the government.

According to the RBI report, cases of bank fraud increased by 166 percent to 36,075 in 2023-24, although the amount defrauded in these decreased by 47 percent to Rs 13,930 crore as compared to 2022-23.

Inflation rate expected to decrease

RBI said that the retail inflation rate in the country is expected to decrease further. This will boost consumption demand in rural areas. However, geopolitical tensions, volatility in global financial markets, fluctuations in commodity prices and weather-related events can increase inflation.

Fraud amount decreased, cases increased
Year: Amount: Cases
2020-21: 1,18,417: 7,263
2021-22: 9,046: 45,358
2022-23: 26,127: 13,564
2023-24: 13,930: 36,075
(Fraud amount in crores of rupees)
RBI's balance sheet increased due to these reasons
Description Increase
Foreign investment 13.90 percent
Gold 18.26 percent
Loan-advance 30.05 percent
RBI Annual Report
RBI has 822.10 tonnes of gold, out of which 308.03 tonnes of gold is kept to support the notes to be issued till March 31, 2024. RBI's balance sheet increased by 11.08 percent to Rs 70.47 lakh crore from Rs 63.45 lakh crore in 2022-23.