Financial Fraud Cases Increased from 2019 to 2024, RBI Revealed

Over the last five years, financial fraud has increased dramatically in India. The Reserve Bank of India (RBI) reports a significant increase in fraud cases involving credit cards, ATM or debit cards, and Internet banking.

The total sum involved in these frauds surged dramatically by 1,068%, from ₹129 crore in FY 2019–20 to ₹1,457 crore in FY 2023–24.

The recovered amount reached from ₹12 crore in FY 2019-20 to ₹139 crore in FY 2023-24, a 1,058% growth. However, the recovery rate remains very low, with just 9.5% of overall fraudulent sums returned in the most recent fiscal year, up marginally from 9.3% five years earlier.

About RBI

The Reserve Bank of India (RBI), India's central banking institution, commenced its operations on April 1, 1935, under the Reserve Bank of India Act. It employs monetary policy strategies to foster financial stability within the nation and oversees the regulation of India's currency and credit systems.

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