India’s state-run banks reported a fraud worth Rs 957.6 billion in the first six months of the fiscal year 2019-20 ending in March, finance minister Nirmala Sitharaman said in Rajya Sabha on Tuesday.
The total number of fraud cases are 5,743 during the period of April to September.
“Government has taken comprehensive measures to curb the incidence of fraud in banks,” FM told the upper house of parliament.
The comprehensive measures include freezing of 338,000 bank accounts of inoperative companies in the last two financial years along with enactment of a law which allows to confiscate the property of economic offenders.
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