Bank Losses

Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha that the RBI’s fraud report revealed a Rs. 16,789 crore in losses to banks and other financial institutions in India due to fraud. (Shiv Pratap Shukla Twitter photo)

NEW DELHI — Scheduled commercial banks, including "select financial institutions," lost Rs. 16,789 crore due to frauds in 2016-17, Parliament was informed Dec. 22.

Minister of State for Finance Shiv Pratap Shukla told the Lok Sabha, in a written reply, that the Reserve Bank of India's "Fraud Monitoring Reports" showed that an "amount lost on account of frauds during 2016-17 was Rs. 16,789 crore." 

Speaking on cyber-crimes on the banking system and ways to combat the threat, he said: "An inter-disciplinary Standing Committee on Cyber Security has been constituted by RBI, comprising, inter alia, of academia, information security audit or forensic or cybersecurity experts.

"The committee reviews, inter alia, threats inherent in the existing or emerging technology, and suggests appropriate policy interventions to strengthen cybersecurity and resilience framework in the banking system." 

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