CURRENT AFFAIRS

Detailed explanation-1: -Of the total 53, 334 cases of frauds reported during 2008-09 and 2018-19 fiscal years, involving a whopping ₹ 2.05 lakh crore, ICICI Bank reported the highest number of cases at 6, 811 involving ₹ 5, 033.81 crore.

Detailed explanation-2: -The Punjab National Bank scam was touted as India’s biggest at Rs 11, 400 crore and the main accused were jeweller Nirav Modi, Mehul Choksi, Nishant Modi, Ami Modi and others, including some PNB staff.

Detailed explanation-3: -The frauds of Rs one crore and above should be reported by the private sector and foreign banks to the Serious Fraud Investigation Office (SFIO) in addition to the state police.

Detailed explanation-4: -According to Reserve Bank of India (RBI) data, 2, 331 fraud cases involving Rs 87 crore were reported by banking entities during the six-month period as against 1, 532 frauds involving Rs 60 crore. During 2021-22, the average amount of fraud decreased substantially.