The RBI has said in a report that the amount of fraud has increased from about Rs 12,230 crore in the financial year 2023-24 to Rs 36,014 crore in the financial year 2024-25.
The Reserve Bank of India (RBI) said on Thursday that the total amount of fraud cases related to loan accounts and digital payments increased three times in the last financial year. The central bank said that the reclassification of 122 cases as per the Supreme Court order is the main reason for this. The RBI has said in a report that the amount of fraud has increased from about Rs 12,230 crore in the financial year 2023-24 to Rs 36,014 crore in the financial year 2024-25. However, the number of fraud cases decreased from 36,060 in 2023-24 to 23,953 in the last financial year.
According to the report, the increase in fraud in the previous financial year was due to the declassification of 122 cases of fraud worth Rs 18,674 crore in the previous financial year and the submission of new reports in the current financial year after ensuring compliance with the Supreme Court's March 27, 2023, judgment. In terms of number, fraud was said to have occurred mainly in the digital payments category, including cards and internet and in terms of value, mainly in the loan segment. Private sector banks accounted for about 60 per cent of the fraud cases reported at the end of the financial year 2024-25, while in terms of value, these banks accounted for more than 71 per cent. The RBI report said that while card/internet fraud accounted for the highest share of frauds reported in private sector banks, fraud in public sector banks was mainly in the loan segment. It said that loan-related frauds accounted for more than 33 per cent of cases by number and more than 92 per cent by value. At the end of the last fiscal, there were 13,516 fraud cases under the card and internet fraud category, which is 56.5 per cent of the total 23,953 frauds.
Note printing cost increases by 25 percent
Spend your cash carefully, as the cost of printing notes has increased by 25 percent in a year. The Reserve Bank of India released a report on Thursday and said that the cost of printing banknotes has increased by about 25 percent on an annual basis to Rs 6,372.8 crore in the fiscal year 2024-25. Earlier, the figure was Rs 5,101.4 crore in the fiscal year 2023-24. The RBI said that it has also stopped printing three notes. According to the RBI's annual report for 2024-25, the value and quantity of banknotes in circulation increased by 6 per cent and 5.6 percent, respectively, in the fiscal year 2024-25. In 2024-25, the share of Rs 500 banknotes was 86 per cent, which has slightly decreased in value.
Interest rates may be cut again in June
The RBI is going to give a big piece of good news to home loan borrowers next month. If you are suffering from high EMIs on home loans or any other loans, then this can be comforting news for you. The Reserve Bank of India may cut the repo rate again in June. Experts say that after cutting interest rates twice in a row, the RBI may cut it again in the Monetary Policy Committee meeting to be held from June 4. RBI Governor Sanjay Malhotra will tell about the MPC decisions on the morning of June 6. Economists believe that there may be another cut of up to 25 basis points in June, which may bring the repo rate down to 5.75.
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