Home Business Banks, ‘select financial institutions’ lost Rs 16,789 cr in 2016-17

Banks, ‘select financial institutions’ lost Rs 16,789 cr in 2016-17

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Minister Shiv Pratap Shukla.
Minister Shiv Pratap Shukla.

Scheduled commercial banks including “select financial institutions” lost Rs 16,789 crore due to frauds in 2016-17 … reports Asian Lite News.

Minister Shiv Pratap Shukla.
Minister of State, Shiv Pratap Shukla.

Scheduled commercial banks including “select financial institutions” lost Rs 16,789 crore due to frauds in 2016-17, Parliament was informed on Friday.

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

On the question about the impact of cyber crimes on the banking system and the ways to combat it, 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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